Corporations Act 2001

SCHEDULE 4 - TRANSFER OF FINANCIAL INSTITUTIONS AND FRIENDLY SOCIETIES  

Note: See section 1465A.

PART 6 - CONTINUED APPLICATION OF FUNDRAISING PROVISIONS OF THE FRIENDLY SOCIETIES CODE  

CLAUSE 36   - FRIENDLY SOCIETIES CODE TO APPLY TO OFFERS OF INTERESTS IN BENEFIT FUNDS  

36(1)  
The following apply as a law of the Commonwealth as from the transfer date:


(a) Divisions 2 and 3 of Part 4B of the Friendly Societies Code;


(b) Division 2 of Part 1, and Division 1 of Part 4B, of that Code to the extent to which they provide for the interpretation of terms used in the Divisions referred to in paragraph (a);


(c) sections 28, 29 and 128 of that Code to the extent to which they apply for the purposes of the Divisions referred to in paragraph (a);


(d) the regulations in force immediately before the transfer date under Part 4B of that Code to the extent to which they were made for the purposes of the provisions referred to in paragraphs (a), (b) and (c);


(e) standards adopted by that Code for the purposes of the provisions referred to in paragraphs (a), (b) and (c).

36(2)  
The provisions referred to in subclause (1) apply as if:


(a) references in the provisions to a society were references to a friendly society within the meaning of the Life Insurance Act 1995 ; and


(b) references to a benefit fund were references to an approved benefit fund within the meaning of the Life Insurance Act 1995 ; and


(c) references in the provisions to an SSA were references to ASIC; and


(d) references in the provisions to lodging a document were references to lodging the document with ASIC; and


(e) references in the provisions to the Code were references to this Act; and


(f) references in the provisions to Part 4B of the Code were references to the provisions applied by this clause; and


(g) references to a penalty of $20,000 were references to a penalty of 200 penalty units; and


(h) references to a penalty of $5,000 were references to a penalty of 50 penalty units; and


(i) references to a penalty of $2,500 were references to a penalty of 30 penalty units; and


(j) references to a penalty of $1,000 were references to a penalty of 30 penalty units; and


(k) subsection 135(2) of the Friendly Societies Code were omitted; and


(l) paragraph 137(1)(e) of the Friendly Societies Code were omitted and replaced with a provision that requires a disclosure document to contain any other information that ASIC requires to be included in the document; and


(m) subsection 137(3) of the Friendly Societies Code were omitted and replaced with a provision that requires each copy of a disclosure document to:


(i) state that the document has been lodged with ASIC; and

(ii) specify the date of lodgment; and

(iii) state that ASIC takes no responsibility as to the contents of the document.

36(3)  
If there is an inconsistency between:


(a) the provisions of Division 2 of Part 1, or Division 1 of Part 4B, of the Friendly Societies Code; and


(b) the provisions of Chapter 1 of this Act;

the provisions of the Code prevail for the purposes of interpreting the provisions applied by subclause (1).


 

Disclaimer and notice of copyright applicable to materials provided by CCH Australia Limited

CCH Australia Limited ("CCH") believes that all information which it has provided in this site is accurate and reliable, but gives no warranty of accuracy or reliability of such information to the reader or any third party. The information provided by CCH is not legal or professional advice. To the extent permitted by law, no responsibility for damages or loss arising in any way out of or in connection with or incidental to any errors or omissions in any information provided is accepted by CCH or by persons involved in the preparation and provision of the information, whether arising from negligence or otherwise, from the use of or results obtained from information supplied by CCH.

The information provided by CCH includes history notes and other value-added features which are subject to CCH copyright. No CCH material may be copied, reproduced, republished, uploaded, posted, transmitted, or distributed in any way, except that you may download one copy for your personal use only, provided you keep intact all copyright and other proprietary notices. In particular, the reproduction of any part of the information for sale or incorporation in any product intended for sale is prohibited without CCH's prior consent.