New South Wales Consolidated Acts

BOOKS>S4.HTML#BANKERS BOOKS FUNERAL FUNDS ACT 1979

- As at 13 January 2023 
- Act 106 of 1979 

TABLE OF PROVISIONS

           Long Title

   PART 1 - PRELIMINARY

   1.      Name of Act
   2.      Commencement
   3.      Objects
   4.      Definitions
   5.      Agreement to supply burial site a pre-paid contract in certain cases

   PART 2 - ADMINISTRATION

   6.      Documents
   7.      (Repealed)
   8.      Inspectors
   9.      Delegation
   10.     Appointment of independent actuary

   PART 3 - FUNERAL CONTRIBUTION FUNDS

           Division 1 - Registration of funeral contribution funds

   11.     Contributory funeral benefit business to be carried on only by companies registered under this Act
   12.     Application for registration to carry on contributory funeral benefit business
   13.     Requirements for registration
   14.     Registration of company to carry on contributory funeral benefit business
   15.     Alteration or addition to rules of funeral contribution fund
   16.     Cancellation of registration of funeral contribution fund
   16A.    Payment of GST by funeral contribution fund

           Division 1A - Persons registered as funeral contribution funds on or after 30 November 2004 who were previously exempt

   16B.    Provisions applying to previously exempt persons who are registered to carry on contributory funeral benefit business
   16C.    (Repealed)

           Division 2 - Provision of funeral services

   17.     Tied arrangements with undertaker
   18.     Cash payment in certain cases if funeral service not carried out by undertaker designated by fund
   19.     Costs recoverable by undertaker where funeral service provided by fund

           Division 3 - Management of funeral contribution funds

   20.     Certain persons prohibited from managing etc affairs of funeral contribution funds
   21.     Management expenses in administration of funeral contribution funds

           Division 4 - Investment and borrowing

   22.     Investment of surplus funds etc
   23.     No borrowing except for temporary accommodation

           Division 5 - Returns and registers

   24.     Returns
   25.     Funeral contribution fund etc to provide information in certain cases
   25A.    Annual report to be provided to contributors
   26.     Registers
   27.     Documents to be available for inspection by contributors etc

           Division 6 - Actuarial investigation

   28.     Actuarial investigation of funeral contribution funds
   29.     Basis of valuations
   30.     Procedure where deficiency in assets or management expenses unduly high

           Division 7 - Transfer and amalgamation of contributory funeral benefit business

   31.     Transfer or amalgamation to be confirmed by Secretary
   32.     Schemes for transfer or amalgamation
   33.     Transfer by direction of Secretary

   PART 4 - PRE-PAID FUNERAL FUNDS AND PRE-PAID CONTRACTS

           Division 1 - Registration of pre-paid funeral funds

   34.     Trustee under pre-arranged contract to be registered under this Act
   35.     Application for registration
   36.     Requirements for registration
   37.     Registration of pre-arranged funeral funds
   38.     Additional or substitute co-trustee
   39.     Cancellation of registration

           Division 1A - Persons registered as pre-paid funeral funds on or after 30 November 2004 who were previously exempt

   39A.    Provisions applying to previously exempt persons who are registered to act as trustees under pre-paid contracts
   39B.    (Repealed)

           Division 2 - Money etc, under pre-paid contracts to be held in trust by pre-paid funeral fund

   40.     Payment of money and giving of consideration under pre-paid contract to pre-paid funeral fund
   41.     Money etc paid under pre-paid contract to be held in trust
   42.     Transfer of trust funds under pre-paid contracts
   42A.    Payment of GST under pre-paid contracts

           Division 3 - Administration of trust funds under pre-paid contracts

   43.     Pre-paid funeral funds, trust accounts
   44.     Investment of trust funds under pre-paid contracts
   45.     Common fund
   46.     Management expenses in administration of trust funds
   47.     Payment of trust funds where funeral service provided
   48.     Payment of trust funds where funeral service not required
   49.     Payment of trust funds where pre-paid contract cancelled

           Division 3A - Actuarial investigation

   49A.    Actuarial investigation of pre-paid funeral funds
   49B.    Procedure where deficiency in assets or management expenses unduly high

           Division 3B - Auditing

   49C.    Independent auditor to prepare auditor's report
   49D.    Qualifications as an independent auditor
   49E.    Form and content of auditors' reports
   49F.    Access to books

           Division 3C - Returns

   49G.    Annual returns to be furnished
   49H.    Funds to provide information in certain cases
   49I.    Access to annual returns

           Division 4 - Pre-paid contracts

   49J.    Cooling-off period
   50.     Rise and fall clause not permitted
   51.     Description of certain funeral services specified in pre-paid contract to contain prescribed particulars
   52.     Instalment protection clause
   53.     Costs recoverable by undertaker where funeral service to be supplied under pre-paid contract

   PART 5 - SUPERVISION OF FUNERAL FUNDS

           Division 1 - Inspections

   54.     Powers of inspection

           Division 2 - Inquiries

   55.     Definitions
   56.     Power to hold inquiries
   57.     Procedure with respect to holding of inquiry
   58.     Report of Secretary
   59.     Further powers of Secretary after inquiry
   60.     Privileged communications
   61.     Expenses of inquiry
   62.     Concealing etc of records

           Division 3 - Suspension of new business of funeral funds

   63.     Direction to funeral contribution fund not to accept new contributors
   64.     Direction to pre-paid funeral fund not to act as trustee of trust funds under new pre-paid contracts
   65.     Revocation and variation of directions
   66.     Penalty for failure to comply with direction

           Division 3A - Disciplinary measures

   66A.    Notices to show cause
   66B.    Determination of disciplinary measures by the Secretary

           Division 4 - Appointment of administrator of funeral fund

   67.     Definitions
   68.     Appointment and powers of administrator of funeral contribution fund
   69.     Appointment and powers of administrator of pre-paid funeral fund
   70.     Holding of meeting for appointment of directors of funeral contribution fund
   71.     Termination of appointment of administrator
   72.     Expenses of administration
   73.     Liability for losses incurred during administration

           Division 5 - Winding up of funeral contribution funds

   74.     Exclusion of Corporations Act 2001 of the Commonwealth
   74A.    Application of certain winding up provisions of Corporations legislation

   PART 6 - APPEALS AGAINST DECISIONS OF SECRETARY

   75.     Appeal against refusal to register funeral contribution fund or to approve alteration or addition of rules
   75A.    Appeal against decision to impose conditions on registration of funeral contribution fund
   75B.    Appeal against decision to cancel registration of funeral contribution fund
   76.     Appeal against direction to transfer or refusal to confirm transfer or amalgamation in respect of funeral contribution fund
   77.     Appeal against refusal to register pre-arranged funeral fund or decision to cancel that registration etc
   77A.    Appeal against decision to impose conditions on registration of pre-paid funeral funds
   78.     Appeal against refusal to confirm transfer in respect of pre-paid funeral fund
   79.     Appeal against direction to suspend new business of funeral funds
   79A.    Appeal against imposition of disciplinary measures
   80.     Appeal against appointment of administrator of funeral fund
   81.     Time for making appeal
   82.     Failure of Secretary to act on application deemed refusal
   83.     Reasons for refusal to be given
   84.     Decision of Court final etc

   PART 7 - MISCELLANEOUS

   85.     Offence to obstruct Secretary etc
   85A.    False or misleading statements
   86.     Enlargement or abridgement of time
   87.     Giving of notice
   88.     Inspection of documents
   89.     Relationship with Corporations legislation
   90.     Liability of directors etc for offences by corporation--accessory to the commission of the offences
   91.     Offences generally
   92.     Regulations

   PART 8 - EXISTING FUNERAL CONTRIBUTION FUNDS

           Division 1 - Preliminary

   93.     Definitions
   94.     Existing funeral contribution fund to decide whether to transfer business to registered fund or refund contributions
   95.     This Part to apply despite agreement between contributors and existing funeral contribution fund void
   96.     Certain debts of existing funeral contribution fund to have priority
   97.     No stamp duty for transfers etc under this Part

           Division 1A - (Repealed)
           None

           Division 2 - Provisions applicable where contributions to be refunded

   98.     Application of Division
   99.     Cessation of business on prescribed day
   100.    Repayment fund to be established for purpose of refund of contributions
   101.    Amount to be paid by existing funeral contribution fund as refund of contributions
   102.    Distribution of repayment fund among contributors

           Division 3 - Provisions applicable where business to be transferred

   103.    Application of Division
   104.    Restriction on new contributors prior to transfer
   105.    Secretary may give directions for transfer of business
   106.    Transfer of contributions paid by contributors
   107.    Failure to transfer business in accordance with directions of Secretary
   108.    Interest payable on instalments
   109.    Failure to pay instalments
   110.    Existing fund to pay interest on borrowing by fund to which business is transferred in certain cases

   PART 9 - EXISTING PRE-PAID FUNERAL FUNDS AND PRE-PAID CONTRACTS

           Division 1 - Preliminary

   111.    Definitions
   112.    Person who agreed to supply funeral services under existing pre-paid contracts to decide whether to cancel contracts or not
   113.    Certain debts to have priority
   114.    No stamp duty for transfers etc under this Part

           Division 1A - (Repealed)
           None

           Division 2 - Cancellation of existing pre-paid contracts

   115.    Application of Division
   116.    Cancellation of existing pre-paid contracts
   117.    Repayment fund to be established for purpose of refund of subscriptions under cancelled contracts
   118.    Amount to be paid as refund of subscriptions
   119.    Distribution of repayment fund among subscribers

           Division 3 - Continuation of existing pre-paid contracts

   120.    Application of Division
   121.    Directions relating to existing pre-paid contracts
   122.    Transfer of subscriptions to pre-paid funeral fund
   123.    Failure to comply with directions of Secretary

   PART 10 - SAVINGS AND TRANSITIONAL PROVISIONS

   124.    Regulations
           125, 126. (Repealed)
   127.    Registration of corporations
   128.    Requirements for registration