Document ID: chunk:federal_register_of_legislation:F2019L00646:body:0:p7
Version: federal_register_of_legislation:F2019L00646
Segment Type: other
Provision Reference: 
Character Range: 16435–19189

new benefit fund rules, or adopting amendments to existing approved benefit fund rules, may only do so by:

       (a)          a special resolution of the members of the friendly society (or a class of members as determined by APRA) in accordance with section 9 of the Corporations Act 2001; or

       (b)          subject to paragraph 35, a resolution of the friendly society's Board of directors.

    35.  In respect of a benefit fund rule amendment, a friendly society may make a resolution under subparagraph 34(b) if it provides reasons why adoption in this manner is appropriate and APRA is satisfied that:

       (a)          the amendment is authorised or required by the Act or any other law; or

       (b)          the amendment will not prejudice the rights of members who have an interest in the benefit fund; or

       (c)          there is a patent error in the approved benefit fund rules, and the amendment is to correct that error; or

       (d)          the amendment is in relation to a restructure or termination of an approved benefit fund or funds under sections 52 and 53 of the Act, made in accordance with the requirements of this Prudential Standard.

Approval of benefit fund rules
    36.  Benefit fund rules may be approved by APRA subject to the requirements set out in section 16L of the Act and in this Prudential Standard.

    37.  An application to APRA for approval of benefit fund rules made under subsection 16L(1) of the Act must be made using 'Form 1' in this Prudential Standard.

    38.  After a friendly society's benefit fund rules have been approved by APRA under subsection 16L(3) of the Act and have come into force under section 16N of the Act, the friendly society must give written notice to its members in accordance with the requirements set out in paragraphs 51 and 52.

Approval of amendment of approved benefit fund rules on initiative of friendly society
    39.  On application by a friendly society, amendment of approved benefit fund rules may be approved by APRA subject to the requirements set out in section 16Q of the Act and in this Prudential Standard.

    40.  An application for APRA's approval to amend benefit fund rules pursuant to subsection 16Q(1) of the Act must be made using 'Form 2' in this Prudential Standard.

    41.  Subject to paragraph 42, after an amendment to a benefit fund's approved benefit fund rules has been approved by APRA under section 16Q(3) of the Act and has come into force under section 16T of the Act, the friendly society must give written notice to its members in accordance with the requirements set out in paragraphs 51 and 52.

    42.  For the purposes of paragraph 41, notice is not required where:

       (a)          the