16ZContractual effect of approved benefit fund rules and policies

16Z Contractual effect of approved benefit fund rules and policies

(1) Approved benefit fund rules of a friendly society have effect as a contract between the friendly society and each person who is, because of section 16F, taken to be the owner of a policy referable to the benefit fund. (2) Without limiting the generality of subsection (1), a policy that is, because of section 16F, taken to be issued by a friendly society has effect, and may be enforced, as a contract between:

(a) the person who is, because of that section, taken to be the owner of the policy; and

(b) either:

(i) the friendly society that is taken to have issued the policy; or

(ii) if that friendly society’s liabilities under the policy have been transferred or assigned to another company—that other company.