Document ID: chunk:federal_register_of_legislation:F2019L00646:body:0:p11
Version: federal_register_of_legislation:F2019L00646
Segment Type: other
Provision Reference: 
Character Range: 26640–29544

16Q of the Act; and

           (iii)       a proposed amendment of its constitution in accordance with section 16U of the Act.

Transfer of assets
    61.  Paragraphs 62 to 64:

       (a)          apply to all friendly societies other than those specified in paragraph 61(b); and

       (b)          do not apply to a friendly society where the restructure consists only of a transfer of all assets and liabilities from a single transferring approved benefit fund to a single receiving fund.

    62.  A friendly society shall transfer assets from a transferring fund to a receiving fund as soon as practicable after the transfer of liabilities from the transferring fund to the receiving fund.

    63.  Assets that are transferred from a transferring fund to a receiving fund shall be treated as assets of a receiving fund on and from the date the restructure has effect.

    64.  The nature and value of assets to be transferred from a transferring fund to a receiving fund is to be determined by the Appointed Actuary using a method that:

       (a)          places a value on the liabilities that is consistent with the value being adopted for the assets;

       (b)          considers the nature and value of the assets in aggregate and also in respect of each particular class of assets;

       (c)          in view of the nature of the liabilities to be transferred to a receiving fund and those to remain in a transferring fund, has the objectives of:

           (i)            facilitating the proper operation of the transferring fund and the receiving fund; and

           (ii)         protecting the interests of the owners of the policies referable to the transferring fund and the receiving fund; and

       (d)          is consistent with the method that was described in the Appointed Actuary's report that:

           (i)            was lodged with APRA in relation to the application in accordance with item 3 of Schedule 1 to Form 5; and

           (ii)         was approved by APRA as part of its approval under paragraph 56.

When restructure has effect
    65.  The restructure of approved benefit funds of a friendly society shall have effect when:

       (a)          benefit fund rules approved under section 16L of the Act come into force under section 16N of the Act to give effect to the restructure; and

       (b)          proposed amendments to the approved benefit fund rules of the friendly society under section 16Q of the Act to give effect to the restructure come into force under section 16T of the Act.

    66.  A friendly society to which paragraph 61(a) applies must comply with paragraphs 62 to 64 as soon as practicable after a restructure has taken effect under paragraph 65.

Effect of restructure
    67.  Upon a restructure of approved benefit funds of a friendly society having effect:

       (a)          a member of a