Document ID: chunk:federal_register_of_legislation:F2019L00646:body:0:p12
Version: federal_register_of_legislation:F2019L00646
Segment Type: other
Provision Reference: 
Character Range: 29289–32341

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 transferring fund who is in a category specified in documents provided to APRA under paragraph 54(b) becomes a member of a receiving fund; and

       (b)          the assets and undertakings of, and liabilities referable to, the transferring fund become, to the extent specified in documents provided to APRA under paragraph 54(b), assets and undertakings of, and liabilities referable to, a receiving fund.

Notification of interested persons
    68.  A friendly society that restructures an approved benefit fund must, within six weeks of the restructure having effect, give written notice of the restructure of the fund to the owner of every policy referable to any of the funds involved in the restructure.

    69.  A notice under paragraph 68 must set out the following matters:

       (a)          the name and identifying details of the funds involved in the restructure;

       (b)          the date of the restructure;

       (c)          a statement, in relation to each fund affected by the restructure, whether the restructure affects the whole or part of the fund;

       (d)          a summary of how the restructure affects the interests of policy owners of each fund; and

       (e)          details of:

           (i)            any proposed new benefit fund rules;

           (ii)         any proposed amendments to approved benefit fund rules; and

           (iii)       any proposed consequential amendments to the constitution of the friendly society

       in order to recognise the restructure.

    70.  A notice under paragraph 69 must be accompanied by a document:

       (a)          describing (in summary form) the reasons for the restructure; and

       (b)          containing relevant extracts from any report by the Appointed Actuary on the proposed restructure under item 3 of Schedule 1 to Form 5 which deals with implications for policy owners.

    71.  APRA may grant an exemption, subject to any conditions it thinks fit, from any of the requirements of paragraphs 68 to 70, if it considers that notification in accordance with those paragraphs is not necessary.

Information to be lodged with APRA following a restructure
    72.  A friendly society must lodge with APRA within three months, or such other period as APRA determines in writing, after a restructure takes effect:

       (a)          audited accounts, or accounts in a form approved by APRA in writing, for each fund involved in the restructure up to the date that the restructure takes effect; and

       (b)          such other information as APRA may require.

    73.  The accounts in paragraph 72 must include, if applicable:

       (a)          details of any bonuses paid by the friendly society from any fund involved in the restructure and of any