sec.50Sale of funeral benefit business

sec.50 Sale of funeral benefit business

A corporation may, subject to the prior approval of the registrar and subject to such conditions as the registrar may impose, sell, assign or dispose of any funeral benefit business carried on by it and all property vested in or held by it in relation to the business to another entity ( the assignee ). Any purported sale, assignment or disposal without the prior approval of the registrar or without compliance with any conditions imposed by the registrar is void and renders registration in respect of the business liable to cancellation. Upon the sale, assignment or disposal of the funeral benefit business, every contract entered into in respect of a benefit to be provided by or through the business that at the date of the sale, assignment or disposal has not been performed by the corporation shall continue to have full force and effect unless and until cancelled in accordance with the registered rules relating to the business and the provisions of the contract (if any) notwithstanding that the contributor has not consented to the sale, assignment or disposal, and every such contract shall be read and construed as if the assignee were and had at all times been a party to the contract in place of the corporation. The provisions of subsection (3) shall not be construed so as to prejudice any claim that the assignee or any contributor may have against the corporation in respect of a liability incurred by the corporation prior to the sale, assignment or disposal and which has not been discharged by the corporation at the date of sale, assignment or disposal. Without limiting the generality of subsection (1) , upon the sale, assignment or disposal of such funeral benefit business— the moneys and securities in the Funeral Benefit Trust Fund on account of the funeral benefit business of a part 3 corporation shall be moneys and securities in respect of the business as sold, assigned or disposed of to the assignee; and the moneys standing to the credit of the benefits trust fund, whether actually deposited in a financial institution account or not, of a part 3 corporation shall be moneys standing to the credit of the benefits trust fund or the funeral benefit business trust fund account, as the case may be, of the assignee; and the moneys or securities deposited with the Treasurer as referred to in section 8 shall be paid to the part 3 corporation that has sold, assigned or disposed of the business or dealt with as it shall in writing direct; and Section 8 (Security deposited with Treasurer) was repealed by the Statute Law Revision Act 1995 No. 57 s 4 sch 1 and is a provision to which the Acts Interpretation Act 1954 s 20A (Repeal does not end saving, transitional or validating effect etc.) applies. the moneys standing to the credit of the funeral benefit business trust fund account, whether actually deposited in a financial institution account or not, of a part 4 corporation shall be moneys standing to the credit of the funeral benefit business trust fund account of the assignee. Upon the sale, assignment or disposal of such funeral benefit business, the registrar shall cancel the registration of the corporation so selling, assigning or disposing in respect of the business in question. The registrar shall not give his or her approval to the sale, assignment or disposal of a funeral benefit business by a part 4 corporation unless the registrar is first satisfied that adequate provision has been made with respect to— nominated property, if it is necessary for the assignee to nominate property; and the transfer by the part 4 corporation to the assignee of investments made by the corporation, including investments in relation to land and buildings; and for the purposes aforesaid, the registrar may consult with the State actuary. s 50 amd 1997 No. 17 s 14 ; 2003 No. 73 s 167 ; 2005 No. 14 s 2 sch (sec.50-ssec.1) A corporation may, subject to the prior approval of the registrar and subject to such conditions as the registrar may impose, sell, assign or dispose of any funeral benefit business carried on by it and all property vested in or held by it in relation to the business to another entity ( the assignee ). (sec.50-ssec.2) Any purported sale, assignment or disposal without the prior approval of the registrar or without compliance with any conditions imposed by the registrar is void and renders registration in respect of the business liable to cancellation. (sec.50-ssec.3) Upon the sale, assignment or disposal of the funeral benefit business, every contract entered into in respect of a benefit to be provided by or through the business that at the date of the sale, assignment or disposal has not been performed by the corporation shall continue to have full force and effect unless and until cancelled in accordance with the registered rules relating to the business and the provisions of the contract (if any) notwithstanding that the contributor has not consented to the sale, assignment or disposal, and every such contract shall be read and construed as if the assignee were and had at all times been a party to the contract in place of the corporation. (sec.50-ssec.4) The provisions of subsection (3) shall not be construed so as to prejudice any claim that the assignee or any contributor may have against the corporation in respect of a liability incurred by the corporation prior to the sale, assignment or disposal and which has not been discharged by the corporation at the date of sale, assignment or disposal. (sec.50-ssec.5) Without limiting the generality of subsection (1) , upon the sale, assignment or disposal of such funeral benefit business— the moneys and securities in the Funeral Benefit Trust Fund on account of the funeral benefit business of a part 3 corporation shall be moneys and securities in respect of the business as sold, assigned or disposed of to the assignee; and the moneys standing to the credit of the benefits trust fund, whether actually deposited in a financial institution account or not, of a part 3 corporation shall be moneys standing to the credit of the benefits trust fund or the funeral benefit business trust fund account, as the case may be, of the assignee; and the moneys or securities deposited with the Treasurer as referred to in section 8 shall be paid to the part 3 corporation that has sold, assigned or disposed of the business or dealt with as it shall in writing direct; and Section 8 (Security deposited with Treasurer) was repealed by the Statute Law Revision Act 1995 No. 57 s 4 sch 1 and is a provision to which the Acts Interpretation Act 1954 s 20A (Repeal does not end saving, transitional or validating effect etc.) applies. the moneys standing to the credit of the funeral benefit business trust fund account, whether actually deposited in a financial institution account or not, of a part 4 corporation shall be moneys standing to the credit of the funeral benefit business trust fund account of the assignee. (sec.50-ssec.6) Upon the sale, assignment or disposal of such funeral benefit business, the registrar shall cancel the registration of the corporation so selling, assigning or disposing in respect of the business in question. (sec.50-ssec.7) The registrar shall not give his or her approval to the sale, assignment or disposal of a funeral benefit business by a part 4 corporation unless the registrar is first satisfied that adequate provision has been made with respect to— nominated property, if it is necessary for the assignee to nominate property; and the transfer by the part 4 corporation to the assignee of investments made by the corporation, including investments in relation to land and buildings; and for the purposes aforesaid, the registrar may consult with the State actuary.