125BAPRA’s power to make class exemption orders

125B APRA’s power to make class exemption orders

provision to which this section applies means:

(a) section 76;

(b) section 82;

(c) section 83;

(d) section 93;

(e) section 113;

(f) any other provision of this Part prescribed by the regulations for the purposes of this definition.

(2) APRA may make an order in writing in respect of a specified class of life companies relieving any of the following from a provision to which this section applies:

(a) directors of life companies of that class;

(b) life companies of that class;

(c) approved auditors of life companies of that class;

(d) appointed actuaries of life companies of that class.

(3) APRA must not make the order unless it considers it is appropriate to do so, having regard to any criteria specified in Prudential Rules for the purposes of this subsection. (4) The order may:

(a) be expressed to be subject to conditions; and

(b) be indefinite or limited to a specified period.

(5) Notice of the making, revocation or suspension of the order must be published in the Gazette. (6) APRA must give ASIC notice of the making, revocation or suspension of the order.

35 Section 180

Omit “A life company”, substitute “Subject to subsection (2), a life company”.

36 At the end of section 180

Add:

(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 Law. (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 Law, a copy of the resolution must also be lodged with ASIC.

(4) A friendly society is guilty of an offence if it does not comply with subsection (3) within 7 days after the day on which the special resolution was passed.

Maximum 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.