sec.51Cancellation of registration at request of corporation

sec.51 Cancellation of registration at request of corporation

The registrar, at the request of a corporation, may, by signed writing, cancel the registration of the corporation to carry on funeral benefit business. The request by the corporation for cancellation of registration shall be made in such manner as the registrar directs, either generally or in any particular case and, as from the date of the request, the corporation shall cease to carry on funeral benefit business and shall advertise that fact in the prescribed manner or, if not prescribed, as directed by the registrar. The request shall be accompanied by a statement by the corporation showing in relation to the business— assets and liabilities, including contractual commitments, with respect to— the benefits trust fund of the corporation and the account of the Funeral Benefit Trust Fund applicable to the corporation in the case of a part 3 corporation; or the funeral benefit business trust fund in the case of a part 4 corporation; and the number of contributors and the nature of their respective interests; and the intended appropriation, division or disposition of the net assets from the fund and the account of the fund referred to in paragraph (a) (i) or the fund referred to in paragraph (a) (ii) , as the case may be, supported by a report by an actuary. The registrar in considering the request for cancellation may consult with the State actuary and, if satisfied that the intended appropriation, division or disposition is fair and reasonable and that, having regard to all the circumstances, it is appropriate for the registrar to agree to the request of the corporation for cancellation of registration, shall require the corporation to notify in writing each contributor of— the request to cancel registration; and the intended appropriation, division or disposition as it affects the contributor; and such other information as may be prescribed or as may be required to be notified by the registrar; and may, if the registrar thinks fit, cause notice of the request to cancel registration to be advertised at the expense of the corporation in the gazette and in some newspaper circulating in the locality in which the place of business or, if more than 1, the principal place of business of the corporation is situated. If a contributor or any person for whom or on whose behalf contributions have been made or other person having any claim in respect of any of the funds as aforesaid applicable in his or her case lodges with the registrar an objection in writing in respect of any benefit or the intended appropriation, division or disposition within 3 months after receipt by him or her of notification in writing pursuant to subsection (4) (proof of lodgement of such objection within the time stated being on the objector) or within 3 months after publication in the gazette or newspaper of the notice referred to in subsection (4) , the registrar shall settle the matter or claim the subject of the objection in the manner provided by section 62 , and the provisions of that section shall apply accordingly. On the settlement of all matters or claims as referred to in subsection (5) or on the registrar being satisfied that no objections have been made, the registrar shall notify the corporation accordingly and the corporation shall appropriate, divide or dispose of the net assets referred to in subsection (3) as proposed in the statement referred to in that subsection as such proposals are varied by the settlement of matters or claims by the registrar. The corporation for the purposes of subsection (6) may convert into money assets not consisting of money with the consent of the registrar first had and obtained, which consent may be given subject to such terms and conditions as to realisable amount and otherwise as the registrar thinks fit; and for the purpose of deciding whether or not the registrar will give consent and, if so, subject to what terms and conditions, the registrar may require the corporation to obtain the recommendation of an actuary or authorised accountant or the report of a valuer and may consult with the State actuary. The registrar shall notify the corporation in the notification referred to in subsection (6) or in a separate notification of the effective date of cancellation of registration, and the registration of the corporation to carry on funeral benefit business shall be cancelled as at that date. On cancellation of registration, the corporation’s certificate of registration is void and the corporation shall surrender it to the registrar. s 51 amd 1990 No. 85 s 5 sch 2 ; 1995 No. 58 s 4 sch 1 ; 2005 No. 14 s 2 sch (sec.51-ssec.1) The registrar, at the request of a corporation, may, by signed writing, cancel the registration of the corporation to carry on funeral benefit business. (sec.51-ssec.2) The request by the corporation for cancellation of registration shall be made in such manner as the registrar directs, either generally or in any particular case and, as from the date of the request, the corporation shall cease to carry on funeral benefit business and shall advertise that fact in the prescribed manner or, if not prescribed, as directed by the registrar. (sec.51-ssec.3) The request shall be accompanied by a statement by the corporation showing in relation to the business— assets and liabilities, including contractual commitments, with respect to— the benefits trust fund of the corporation and the account of the Funeral Benefit Trust Fund applicable to the corporation in the case of a part 3 corporation; or the funeral benefit business trust fund in the case of a part 4 corporation; and the number of contributors and the nature of their respective interests; and the intended appropriation, division or disposition of the net assets from the fund and the account of the fund referred to in paragraph (a) (i) or the fund referred to in paragraph (a) (ii) , as the case may be, supported by a report by an actuary. (sec.51-ssec.4) The registrar in considering the request for cancellation may consult with the State actuary and, if satisfied that the intended appropriation, division or disposition is fair and reasonable and that, having regard to all the circumstances, it is appropriate for the registrar to agree to the request of the corporation for cancellation of registration, shall require the corporation to notify in writing each contributor of— the request to cancel registration; and the intended appropriation, division or disposition as it affects the contributor; and such other information as may be prescribed or as may be required to be notified by the registrar; and may, if the registrar thinks fit, cause notice of the request to cancel registration to be advertised at the expense of the corporation in the gazette and in some newspaper circulating in the locality in which the place of business or, if more than 1, the principal place of business of the corporation is situated. (sec.51-ssec.5) If a contributor or any person for whom or on whose behalf contributions have been made or other person having any claim in respect of any of the funds as aforesaid applicable in his or her case lodges with the registrar an objection in writing in respect of any benefit or the intended appropriation, division or disposition within 3 months after receipt by him or her of notification in writing pursuant to subsection (4) (proof of lodgement of such objection within the time stated being on the objector) or within 3 months after publication in the gazette or newspaper of the notice referred to in subsection (4) , the registrar shall settle the matter or claim the subject of the objection in the manner provided by section 62 , and the provisions of that section shall apply accordingly. (sec.51-ssec.6) On the settlement of all matters or claims as referred to in subsection (5) or on the registrar being satisfied that no objections have been made, the registrar shall notify the corporation accordingly and the corporation shall appropriate, divide or dispose of the net assets referred to in subsection (3) as proposed in the statement referred to in that subsection as such proposals are varied by the settlement of matters or claims by the registrar. (sec.51-ssec.7) The corporation for the purposes of subsection (6) may convert into money assets not consisting of money with the consent of the registrar first had and obtained, which consent may be given subject to such terms and conditions as to realisable amount and otherwise as the registrar thinks fit; and for the purpose of deciding whether or not the registrar will give consent and, if so, subject to what terms and conditions, the registrar may require the corporation to obtain the recommendation of an actuary or authorised accountant or the report of a valuer and may consult with the State actuary. (sec.51-ssec.8) The registrar shall notify the corporation in the notification referred to in subsection (6) or in a separate notification of the effective date of cancellation of registration, and the registration of the corporation to carry on funeral benefit business shall be cancelled as at that date. (sec.51-ssec.9) On cancellation of registration, the corporation’s certificate of registration is void and the corporation shall surrender it to the registrar.