Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) Subject to subsection (2), a life company is not to be wound up except by order of the Court on an application under subsection 175(6) or section 181.
(2) A life company may be wound up voluntarily if:
(a) the company is a friendly society; and
(b) each person with an interest in a benefit fund of the society is a member of the society; and
(c) each member of the society has only one vote on a special resolution to wind up the society (whether the resolution is decided on a show of hands or on a poll).
For this purpose, a member of the society is a person who is a member of the society for the purposes of the Corporations Act 2001 .
(3) If a special resolution to wind up a friendly society is passed, the society must lodge a copy of the special resolution with APRA.
Note: Under the Corporations Act 2001 , a copy of the resolution must also be lodged with ASIC.
(4) A friendly society commits an offence if it does not comply with subsection (3) within 7 days after the day on which the special resolution was passed.
Penalty for contravention of this subsection: 30 penalty units.
Note: If a body corporate is convicted of an offence against this subsection, subsection 4B(3) of the Crimes Act 1914 allows a court to impose a fine of up to 5 times the penalty stated above.
(5) Subsection (4) is an offence of strict liability.
Note 1: Chapter 2 of the Criminal Code sets out the general principles of criminal responsibility.
Note 2: For strict liability , see section 6.1 of the Criminal
Code .