122Transfer of subscriptions to pre-paid funeral fund

122 Transfer of subscriptions to pre-paid funeral fund

122 Transfer of subscriptions to pre-paid funeral fund

(1) The directions given under section 121 to a person to whom this Division applies shall include directions for the payment by the person to a pre-paid funeral fund of such amount as may be calculated by the Secretary in accordance with this section as the appropriate transfer of subscriptions by the person.

(2) Section 41 applies to any money transferred to a pre-paid funeral fund pursuant to a direction referred to in subsection (1).

(3) Subject to this Division, the appropriate transfer of subscriptions by a person to whom this Division applies shall be the sum of the amount of all money paid under existing pre-paid contracts entered into by that person and of an amount equal to the value of all other valuable consideration given to that person under those contracts.

(4) An amount calculated by the Secretary in accordance with this section as the appropriate transfer of subscriptions by a person to whom this Division applies shall be paid to the pre-paid funeral fund to which it is payable at such time or in such instalments and at such times as the Secretary specifies in a direction under section 121.

(5) The appropriate transfer of subscriptions of a person to whom this Division applies shall be reduced by any amount held in trust by a pre-paid funeral fund under any existing pre-paid contract entered into by that person.