106Transfer of contributions paid by contributors

#### 106 Transfer of contributions paid by contributors 106 Transfer of contributions paid by contributors > > (1) The directions given to an existing funeral contribution fund by the Secretary under section 105 shall include directions for the payment by the existing fund to the funeral contribution fund to which the contributory funeral benefit business of that existing fund is to be transferred of such amount as may be calculated by the Secretary in accordance with this section as the appropriate transfer of contributions by that existing fund. > > > (2) Subject to this Division, the appropriate transfer of contributions by an existing funeral contribution fund shall be 75 per cent of the total amount of all contributions paid by persons who are contributors in connection with the contributory funeral benefit business of that existing fund immediately before the day on which the business is transferred. > > > (3) An amount calculated by the Secretary in accordance with this section as the appropriate transfer of contributions by an existing funeral contribution fund shall be paid to the funeral contribution fund to which the business of that existing fund is to be transferred at the time that the business is transferred or, where the Secretary considers it appropriate to do so, at such times and in such instalments after that business is transferred as the Secretary specifies in a direction under section 105. > > > (4) The Secretary may require a funeral contribution fund to which any contributory funeral benefit business is to be transferred under this Division to obtain and hold securities for the payment by instalments under subsection (3) of the appropriate transfer of contributions by an existing funeral contribution fund.