Financial Sector Reform (Amendments and Transitional Provisions) Act (No. 1) 1999
16SLodging of amendment of benefit fund rules with ASIC after approval by APRA
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16S Lodging of amendment of benefit fund rules with ASIC after approval by APRA
(1) This section applies if, under section 16Q, APRA approves an amendment of benefit fund rules lodged by a friendly society. (2) The friendly society must lodge a copy of the amendment with ASIC in accordance with any requirements determined by ASIC. (3) The friendly society is guilty of an offence if it does not comply with subsection (2) within 14 days after the day on which APRA approved the amendment.
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.