sec.46Corporation to change rules

sec.46 Corporation to change rules

Upon a direction being given by the registrar to a corporation pursuant to section 44 or 45 , the corporation, where required pursuant to the direction, shall amend forthwith the registered rules with respect to funeral benefit business carried on by it and shall make such other changes and take such action as necessary to give effect to such direction. Maximum penalty—2 penalty units. An offence against subsection (1) 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) —1 penalty unit. Without limiting the types of changes that the registrar may direct to be effected under section 44 or 45 and without limiting the registrar’s discretion in that regard, the registrar may direct changes in respect of all or any of the following matters notwithstanding any provision of this Act or any of the registered rules with respect to the funeral benefit business concerned or the provisions of any contract entered into in respect of a benefit to be provided by or through that business, that is to say— the contributions to be paid to such business; the benefits payable or services supplied by such business; the basis on which or the method by which the surrender value of contributions paid to such business is computed; the proportion of contributions to be utilised as management expenses in such business; the manner of conducting such business; outgoings from the funeral benefit business trust fund in respect of such business. s 46 amd 2003 No. 73 s 162 (sec.46-ssec.1) Upon a direction being given by the registrar to a corporation pursuant to section 44 or 45 , the corporation, where required pursuant to the direction, shall amend forthwith the registered rules with respect to funeral benefit business carried on by it and shall make such other changes and take such action as necessary to give effect to such direction. Maximum penalty—2 penalty units. (sec.46-ssec.1A) An offence against subsection (1) 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) —1 penalty unit. (sec.46-ssec.2) Without limiting the types of changes that the registrar may direct to be effected under section 44 or 45 and without limiting the registrar’s discretion in that regard, the registrar may direct changes in respect of all or any of the following matters notwithstanding any provision of this Act or any of the registered rules with respect to the funeral benefit business concerned or the provisions of any contract entered into in respect of a benefit to be provided by or through that business, that is to say— the contributions to be paid to such business; the benefits payable or services supplied by such business; the basis on which or the method by which the surrender value of contributions paid to such business is computed; the proportion of contributions to be utilised as management expenses in such business; the manner of conducting such business; outgoings from the funeral benefit business trust fund in respect of such business.