(1)

This regulation applies if:

(a)

immediately before the transfer date, the affairs of a friendly society were being conducted by an administrator appointed under Subdivision 6 of Division 2 of Part 2 of a Friendly Societies Code; and

(b)

the friendly society is a transferring friendly society.

(2)

The administrator is to continue, on and after the transfer date, to conduct the affairs of the friendly society in accordance with Subdivision 6 of Division 2 of Part 2 of the relevant Friendly Societies Code, as in force immediately before the transfer date.

(3)

However, if the Court makes an order under section 158 of the Life Insurance Act 1995 that the friendly society be placed under judicial management under that Act, the administrator is to cease to conduct the affairs of the friendly society on the day when the judicial management commences.

(4)

For the purposes of subregulation (2), a reference in Subdivision 6 of Division 2 of Part 2 of a Friendly Societies Code to an SSA is to be read as if it were a reference to APRA.

(5)

If the administrator:

(a)

continues to conduct the affairs of the friendly society under Subdivision 6 of Division 2 of Part 2 of a Friendly Society Code in accordance with subregulation (2); and

(b)

gives a report to APRA recommending that the friendly society be wound up;

the report is to be treated as if it were a report under section 175 of the Life Insurance Act 1995 .