sec.32Provisions to be contained in rules

sec.32 Provisions to be contained in rules

The rules relating to the funeral benefit business of a part 4 corporation must contain provisions in respect of the following matters, that is to say— the terms under which persons may become contributors, the scale and nature of benefits to be provided and the fines and forfeitures that may be imposed on contributors; a provision in respect of the proportion of contributions of contributors allowable to the corporation for or in connection with the management and operation of the business; the extent to which benefits have effect or are available after contributions cease to be paid or, alternatively, the proportion of the amount of contributions already paid that will be refunded to a contributor who desires to discontinue further contributions; a provision that a funeral benefit consisting of the payment of money on the death of a contributor or other person for whom or on whose behalf contributions have been made for the purpose of meeting the whole or part of the expenses of and incidental to the funeral of that contributor or other person shall not exceed $1500 or such greater sum as may be prescribed from time to time, after discounting for any GST payable on any supply the payment relates to; a surrender value of contributions of a contributor where contributions are up to date and a service to which the contributor is entitled in respect of those contributions is carried out by a funeral director other than the corporation; the investment of the funds of the corporation that relate to its funeral benefit business (excluding moneys in or payable to the funeral benefit business trust fund account), the keeping of accounts and the audit of accounts by an authorised accountant at least once a year; the manner of making, altering or rescinding rules; the inspection of the books of the corporation by any contributor or a contributor’s legal personal representative; such other matters as are prescribed. s 32 amd 1990 No. 85 s 5 sch 2 ; 2000 No. 20 s 29 sch 3 ; 2003 No. 73 s 151

• (a) the terms under which persons may become contributors, the scale and nature of benefits to be provided and the fines and forfeitures that may be imposed on contributors;
• (b) a provision in respect of the proportion of contributions of contributors allowable to the corporation for or in connection with the management and operation of the business;
• (c) the extent to which benefits have effect or are available after contributions cease to be paid or, alternatively, the proportion of the amount of contributions already paid that will be refunded to a contributor who desires to discontinue further contributions;
• (d) a provision that a funeral benefit consisting of the payment of money on the death of a contributor or other person for whom or on whose behalf contributions have been made for the purpose of meeting the whole or part of the expenses of and incidental to the funeral of that contributor or other person shall not exceed $1500 or such greater sum as may be prescribed from time to time, after discounting for any GST payable on any supply the payment relates to;