Document ID: chunk:federal_register_of_legislation:F2019L00646:body:0:p9
Version: federal_register_of_legislation:F2019L00646
Segment Type: other
Provision Reference: 
Character Range: 21542–24255

by APRA which is made under subsection 16V(3) of the Act must be made using 'Form 4' in this Prudential Standard.

    50.  After consequential amendments of a friendly society's constitution as required by APRA have been approved by APRA under section 16V(4) of the Act or APRA gives the friendly society notice of amendments of the friendly society's constitution that it has determined under section 16V(5) of the Act and the consequential amendments approved or determined by APRA have come into force under section 16X of the Act, the friendly society must give written notice to its members in accordance with the requirements set out in paragraphs 51 and 52.

Notice to members
    51.  Where notice to members is required in respect of matters dealt with in paragraphs 36 to 50, a friendly society must give written notice to its members, no later than the day on which notice is given of the next general meeting of the friendly society:

       (a)          stating the date on which the new benefit fund rule or the change to the benefit fund rule or society constitution came into force; and

       (b)          giving the text or a summary of the new benefit fund rule or of the change to the benefit fund rule or friendly society's constitution.

    52.  With APRA's prior approval, notice as referred to in paragraph 51, may be given to members by an advertisement published in a newspaper circulating generally in the area of each State or Territory in which the friendly society operates.

Restructure of approved benefit funds
    53.  Under section 52 of the Act, a friendly society may apply to APRA to restructure its approved benefit funds by making one or more policies that are referable to an approved benefit fund or benefit funds of the friendly society become referable to another benefit fund or benefit funds of the society (whether existing or proposed). An application for a restructure of an approved benefit fund under section 52 of the Act may only be made in accordance with this Prudential Standard.

    54.  An application for a restructure of a benefit under section 52 of the Act fund must:

       (a)          be made using 'Form 5' in this Prudential Standard; and

       (b)          be accompanied by the documents mentioned in the 'Schedule 1 to Form 5' in this Prudential Standard and be lodged with APRA at least 90 days, or such other period as APRA determines in writing, before the proposed date of restructure.

    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