Document ID: chunk:federal_register_of_legislation:F2019L00646:body:0:p10
Version: federal_register_of_legislation:F2019L00646
Segment Type: other
Provision Reference: 
Character Range: 24024–26913

55.  The applicant must, on request by APRA and within the time specified, produce to APRA a report by an independent actuary (being an actuary, other than the Appointed Actuary, who is approved by APRA in writing to perform duties as required by APRA and paid for by the friendly society for the purposes of this Prudential Standard) including statements on the same matters as those required of the Appointed Actuary.

Approval of application for restructure of approved benefit funds
    56.  Subject to this Prudential Standard, APRA may approve an application by a friendly society for a restructure of its approved benefit funds.

    57.  APRA may refuse to approve an application by a friendly society for a restructure of its approved benefit fund or benefit funds if it considers that immediately after the restructure:

       (a)          a transferring fund; or

       (b)          a receiving fund

    will not satisfy the requirements of LPS 110 and LPS 112.

    58.  In order for APRA to approve an application by a friendly society under paragraph 56, the friendly society must obtain consent for the restructure, in relation to each approved benefit fund that is involved in the restructure, by either:

       (a)          a special resolution, in accordance with section 9 of the Corporations Act 2001, by the members (or a class of members as determined by APRA) of each approved benefit fund that is involved in the restructure; or

       (b)          if APRA so determines, a resolution of the Board of directors of the friendly society.

    59.  A friendly society must, at least 21 days before a meeting of members to provide consent to a restructure under paragraph 58(a), give personally 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 5, 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 58(a).

    60.  If a proposed restructure is approved to in accordance with paragraph 56, the friendly society must within 30 days of that consent:

       (a)          provide APRA with a copy of the resolutions made under paragraph 58; and

       (b)          apply to APRA for approval of, whichever of the following is applicable:

           (i)            benefit fund rules in accordance with section 16L of the Act;

           (ii)         a proposed amendment of its approved benefit fund rules in accordance with section 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