Commonwealth Consolidated Acts Commonwealth Consolidated ActsSection 45 has effect in relation to a friendly society as if the following subsection were added at the end of the section:
(5) In this section as it applies to a company that is a
friendly society, a reference to an approved benefit fund includes a reference
to the management fund of the society. The management fund of the society is
the fund of the society that consists of the assets and liabilities of the
society that do not form part of an approved benefit fund of the society.