Document ID: chunk:federal_register_of_legislation:F2019L00646:body:0:p15
Version: federal_register_of_legislation:F2019L00646
Segment Type: other
Provision Reference: 
Character Range: 37430–40276

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 the termination of the approved benefit fund.

    85.  APRA may grant an exemption, subject to any conditions it thinks fit, from any of the requirements of paragraphs 83 or 84, if it considers that full notification in accordance with those paragraphs is not necessary.

Amendment of rules and constitution
    86.  If a friendly society has distributed assets in accordance with paragraph 81, the Board of directors of the friendly society must within 30 days of that distribution:

       (a)          resolve to amend the approved benefit fund rules and, if applicable, the constitution of the friendly society, in the manner set out in the document required to be given to APRA under item 4 of Schedule 1 to Form 6, to give effect to the proposed termination of the approved benefit fund;

       (b)        provide APRA with a copy of the resolutions made under this paragraph and paragraph 78;

       (c)        apply to APRA for approval of a proposed amendment of its approved benefit fund rules in accordance with section 16Q of the Act; and

       (d)        if applicable, apply to APRA for approval of any proposed amendment of its constitution in accordance with section 16U of the Act.

Information to be provided to APRA following a termination
    87.  A friendly society must lodge with APRA, within three months or such other period as APRA determines, after the termination of an approved benefit fund takes effect:

       (a)          audited accounts, or accounts in a form approved by APRA, for the terminated fund up to the date on which the termination takes effect; and

       (b)        such other information as APRA may require in writing.

    88.  The accounts referred to in paragraph 87 must include, if applicable:

       (a)          a statement of the distribution of the assets of the approved benefit fund; and

       (b)        details of any bonuses paid by the friendly society from the approved benefit fund during the period to which the accounts relate.

When termination has effect
    89.  A termination of an approved benefit fund of a friendly society has effect from when amendments to the approved benefit fund rules to give effect to the termination come into force under section 16T of the Act.

Unsecured borrowings of an approved benefit fund
    90.  For the purposes of subsection 38(4) of the Act, a friendly society must not borrow money by means of unsecured borrowing, for the purposes of the business of an approved benefit fund, if the result would be that the total amount of principal