183AApplication by liquidator for directions—voluntary winding up of friendly society

183A Application by liquidator for directions—voluntary winding up of friendly society

A liquidator may apply to the Court for directions regarding any matter arising under the voluntary winding‑up of a friendly society.

Note: The liquidator must give APRA written notice under section 183 that the liquidator intends to make the application.

38 Subsection 186(2)

Omit “the directions”, substitute “any directions”.

39 After subsection 186(2)

(2A) If the company is a friendly society, the liquidator must take account of the approved benefit fund rules of the society in making determinations under subsection (1), to the extent that those rules are consistent with any directions of the Court.

40 Paragraph 188(1)(c)

(c) either:

(i) the Court orders that the company be wound up; or

(ii) for a company that is a friendly society referred to in subsection 180(2)—the members of the society have passed a special resolution that the society be wound up;

41 At the end of section 190

Add:

(5) Subsection (1) does not require that a transfer of life insurance business be made under a scheme approved by the Court if the transfer is a transfer of business made under the Financial Sector (Transfers of Business) Act 1999.

42 Paragraph 199(1)(a)

(a) enter into a policy (including a life policy on his or her own life or on another life); or

43 Paragraph 199(1)(b) and subsection 199(2)

44 Subsections 200(1), (6) and (8)

Note: The heading to section 200 is altered by omitting “life”.

45 Section 206

Omit “life policies” (wherever occurring), substitute “policies”.

46 Subsections 210(1) and (5)

47 Subsections 211(1) and (5)

48 Subsection 212(1)

Omit “life policies”, substitute “policies”.

49 Subsection 212(5)

50 After subsection 216(14)

(14A) It is the intention of the Parliament that a law of a State or Territory has no effect to the extent to which it requires a life company to:

(a) pay unclaimed money to, or to an authority of, a State or Territory; or

(b) lodge a return relating to unclaimed money with, or with an authority of, a State or Territory.

51 Subsection 216(15) (paragraph (c) of the definition of unclaimed money)

52 Subsection 218(1) (definitions of child’s advancement policy and full age)

Omit “life policy” (wherever occurring), substitute “policy”.