Document ID: chunk:federal_register_of_legislation:C2004C01110:clause:4_36
Version: federal_register_of_legislation:C2004C01110
Segment Type: clause
Provision Reference: sch 4 cl 36
Character Range: 193772–194957

36  At the end of section 180
Add:

 (2) A life company may be wound up voluntarily if:
 (a) the company is a friendly society; and
 (b) each person with an interest in a benefit fund of the society is a member of the society; and
 (c) each member of the society has only one vote on a special resolution to wind up the society (whether the resolution is decided on a show of hands or on a poll).
For this purpose, a member of the society is a person who is a member of the society for the purposes of the Corporations Law.

 (3) If a special resolution to wind up a friendly society is passed, the society must lodge a copy of the special resolution with APRA.

Note: Under the Corporations Law, a copy of the resolution must also be lodged with ASIC.

 (4) A friendly society is guilty of an offence if it does not comply with subsection (3) within 7 days after the day on which the special resolution was passed.

Maximum penalty for contravention of this subsection:  30 penalty units.

Note: If a body corporate is convicted of an offence against this subsection, subsection 4B(3) of the Crimes Act 1914 allows a court to impose a fine of up to 5 times the penalty stated above.