sec.14Benefits trust funds

sec.14 Benefits trust funds

Each corporation shall maintain a trust fund (a ‘benefits trust fund’) in its name in a financial institution in the State in connection with the carrying on of funeral benefit business. Maximum penalty—2 penalty units. Each corporation shall pay into its benefits trust fund— all contributions paid to the corporation; and all moneys received from the fund; and any other moneys required to be paid therein or credited thereto pursuant to any provision of this Act; and moneys in the benefits trust fund shall be kept separate from any other moneys of the corporation and accounted for separately. Maximum penalty—2 penalty units. A corporation shall notify the registrar— in respect of a benefits trust fund maintained by it at the commencement of this Act—within 14 days of being required in writing by the registrar to do so; or in any case where it establishes a new benefits trust fund after the commencement of this Act—within 14 days of such establishment; the following information, that is to say— the name of the financial institution; the identifying number of the account established in respect of the benefits trust fund; the names of those persons authorised to operate the account established in respect of the benefits trust fund; such other information as may be prescribed. Maximum penalty—2 penalty units. An offence against subsection (1) , (2) or (3) is a continuing offence and may be charged in 1 or more complaints for periods the offence continues. Maximum penalty for each day the offence continues after a conviction against subsection (1) , (2) or (3) —1 penalty unit. s 14 amd 1997 No. 17 s 8 ; 2003 No. 73 s 143 ; 2005 No. 14 s 2 sch (sec.14-ssec.1) Each corporation shall maintain a trust fund (a ‘benefits trust fund’) in its name in a financial institution in the State in connection with the carrying on of funeral benefit business. Maximum penalty—2 penalty units. (sec.14-ssec.2) Each corporation shall pay into its benefits trust fund— all contributions paid to the corporation; and all moneys received from the fund; and any other moneys required to be paid therein or credited thereto pursuant to any provision of this Act; and moneys in the benefits trust fund shall be kept separate from any other moneys of the corporation and accounted for separately. Maximum penalty—2 penalty units. (sec.14-ssec.3) A corporation shall notify the registrar— in respect of a benefits trust fund maintained by it at the commencement of this Act—within 14 days of being required in writing by the registrar to do so; or in any case where it establishes a new benefits trust fund after the commencement of this Act—within 14 days of such establishment; the following information, that is to say— the name of the financial institution; the identifying number of the account established in respect of the benefits trust fund; the names of those persons authorised to operate the account established in respect of the benefits trust fund; such other information as may be prescribed. Maximum penalty—2 penalty units. (sec.14-ssec.4) An offence against subsection (1) , (2) or (3) is a continuing offence and may be charged in 1 or more complaints for periods the offence continues. Maximum penalty for each day the offence continues after a conviction against subsection (1) , (2) or (3) —1 penalty unit.