sec.17Application of benefits trust fund and of the fund

sec.17 Application of benefits trust fund and of the fund

Subject to this Act, the moneys standing to the credit of the benefits trust fund of a corporation, including moneys payable therein whether actually deposited at a financial institution or not, and the moneys in the account kept in the fund in respect of that corporation shall be applied in the manner hereinbefore provided only for or towards— the provision of benefits for contributors or persons for whom or on whose behalf contributions have been made; and refunds to contributors; and expenses of administration of the fund as referred to in section 11 ; and payments as directed by the registrar; and provision for the proportion of contributions allowable to the corporation for or in connection with the arrangement and operation of the funeral benefit business as provided by the corporation’s rules relating to the business; and provision for the proportion of contributions allowable to the corporation for or in connection with the carrying out of the services pursuant to the contracts entered into with contributors whether before or after the commencement of this Act; and the moneys as aforesaid and securities standing to the credit of the corporation in the fund in respect of its funeral benefit business shall not be liable to be taken in execution under the order or process of any court at the instance of any creditor of the corporation. Subsection (1) applies despite the Corporations Act . s 17 amd 1997 No. 17 s 9 ; 2001 No. 45 s 29 sch s 2 – 3 (sec.17-ssec.1) Subject to this Act, the moneys standing to the credit of the benefits trust fund of a corporation, including moneys payable therein whether actually deposited at a financial institution or not, and the moneys in the account kept in the fund in respect of that corporation shall be applied in the manner hereinbefore provided only for or towards— the provision of benefits for contributors or persons for whom or on whose behalf contributions have been made; and refunds to contributors; and expenses of administration of the fund as referred to in section 11 ; and payments as directed by the registrar; and provision for the proportion of contributions allowable to the corporation for or in connection with the arrangement and operation of the funeral benefit business as provided by the corporation’s rules relating to the business; and provision for the proportion of contributions allowable to the corporation for or in connection with the carrying out of the services pursuant to the contracts entered into with contributors whether before or after the commencement of this Act; and the moneys as aforesaid and securities standing to the credit of the corporation in the fund in respect of its funeral benefit business shall not be liable to be taken in execution under the order or process of any court at the instance of any creditor of the corporation. (sec.17-ssec.2) Subsection (1) applies despite the Corporations Act .