Document ID: chunk:federal_register_of_legislation:C2023A00076:clause:2_56
Version: federal_register_of_legislation:C2023A00076
Segment Type: clause
Provision Reference: sch 2 cl 56
Character Range: 272871–273831

56  Distribution of surplus
 (1) If the appointed actuary of a friendly society advises the society, in writing, that there is a surplus in an approved benefit fund of the society, the society may, if the rules of the approved benefit fund so provide, do one or more of the following:
 (a) pay, apply or allocate all or part of the surplus to the members of the approved benefit fund;
 (b) transfer all or part of the surplus to another approved benefit fund of the society;
 (c) transfer all or part of the surplus to the management fund of the society (within the meaning of subsection 45(5)).
Note: For subsection 45(5), see section 16K.
 (2) If the surplus includes an asset other than money, the value of the asset is the fair value of the asset determined in accordance with subsection 45(3).
 (3) A distribution under subsection (1) must comply with any applicable requirements in the prudential standards.

Part 2—Modification of Part 6 of this Act