Document ID: chunk:federal_register_of_legislation:F2019L00646:body:0:p14
Version: federal_register_of_legislation:F2019L00646
Segment Type: other
Provision Reference: 
Character Range: 34659–37706

or by post to each member of the approved benefit fund:

       (a)          a copy of the documents mentioned in items 1, 2 and 6 of Schedule 1 to Form 6, or a summary of those documents, that has been approved by APRA in writing; and

       (b)          a notice of the meeting and the proposed special resolution in accordance with paragraph 78.

    80.  If a proposed termination is approved to in accordance with paragraph 77, the friendly society must:

       (a)          cease to accept new members and any contributions from existing members in respect of the approved benefit fund; and

       (b)          distribute the assets of the approved benefit fund, within 12 months of that consent, in accordance with paragraph 81.

Distributions of assets of an approved benefit fund
    81.  The assets of an approved benefit fund must be applied in the following order:

       (a)          first:

           (i)            to pay benefits to any person entitled to a benefit from the approved benefit fund; or

           (ii)         as otherwise permitted by the Act or by the approved benefit fund rules;

       (b)          second:

           (i)            where the approved benefit fund rules of the approved benefit fund being terminated provide for the application of assets on the termination of the fund, in accordance with those approved benefit fund rules; or

           (ii)         in any other case, in satisfaction of any entitlements of members of the approved benefit fund as determined in writing by the Appointed Actuary; and

       (c)          third, if any assets remain after the application of paragraphs 81(a) and 81(b), by way of transfer to the management fund of the friendly society.

    82.  For the purposes of a determination under paragraph 81(b)(ii), the Appointed Actuary must take into account all the circumstances of the approved benefit fund, including:

       (a)          the requirements of the Act;

       (b)          the applicable approved benefit fund rules; and

       (c)          the history, performance and financial position of the fund during its existence, whether before or after it became an approved benefit fund under the Act.

Notification of members
    83.  A friendly society must, not later than the date of distribution of the assets of an approved benefit fund under paragraph 81, give written notice of the termination of the approved benefit fund to each member of the approved benefit fund.

    84.  A notice under paragraph 83 must include:

       (a)          the name of the approved benefit fund;

       (b)          the reasons for the termination of the approved benefit fund;

       (c)          details of the termination of the approved benefit fund;

       (d)          a summary of how the termination affects the interests of members of the fund; and

       (e)          details of the proposed amendment of the approved benefit fund rules and, if applicable, the constitution of the friendly society, to recognise