22AInscription in name of Friendly Society or Trade Union

22A Inscription in name of Friendly Society or Trade Union

(1A) Despite anything in this Act, stock may, subject to this section, be inscribed in the name of any Friendly Society or any branch of a Friendly Society. (1) Notwithstanding anything contained in this Act, stock may, subject to this section, be inscribed in the name of any Trade Union which the Registrar is satisfied is registered under the laws of any State or Territory or any branch of a Trade Union so registered. (2) An application by a Friendly Society, Trade Union or any branch thereof, for inscribed stock shall be in such form and contain such particulars as are prescribed, and any documents prescribed by or under this Act and relating to that stock shall be signed by such 2 or more persons as are appointed in that behalf by the Society, Trade Union or branch, as the case may be. (3) Certificates, receipts and other documents relating to stock inscribed in the name of a Friendly Society, Trade Union or branch shall be issued only to such person as the Society, Trade Union or branch, as the case may be, appoints in that behalf. (4) No transactions under this Act shall be effected in relation to stock inscribed under this section unless they are authorized by the persons appointed by the Society, Trade Union or branch, as the case may be, in accordance with subsection (2), and the Commonwealth shall be under no legal liability in respect of any such transaction which is so authorized. (5) In this section:

Friendly Society means:

(a) a body that is a friendly society for the purposes of the Life Insurance Act 1995; or
(b) a body that is registered or incorporated as a friendly society under a law of a State or Territory; or
(c) a body that is permitted, by a law of a State or Territory, to assume or use the expression friendly society; or
(d) a body that, immediately before the date that is the transfer date for the purposes of the Financial Sector Reform (Amendments and Transitional Provisions) Act (No. 1) 1999, was registered or incorporated as a friendly society under a law of a State or Territory.