Financial Sector Reform (Amendments and Transitional Provisions) Act (No. 1) 1999 (44 of 1999)

Schedule 8   Transitional, saving and application provisions

Part 1   Transitional provisions relating to transfer from State and Territory regulatory regimes

Division 5   Transitional provisions relating to operation of the Life Insurance Act 1995

12   Transitional provision relating to assignment of interests in benefit funds

If:

(a) before the transfer date, an entitlement to benefits in a benefit fund of a friendly society was assigned in accordance with section 124 of any of the Friendly Societies Codes; and

(b) that benefit fund is an eligible benefit fund; and

(c) that friendly society is a transferring friendly society;

that assignment is taken, for the purposes of the amended Act, to have been made in accordance with subsection 200(2) of the amended Act.