22Investment of surplus funds etc

22 Investment of surplus funds etc

22 Investment of surplus funds etc

(1) A funeral contribution fund may invest any of its funds that are not immediately required for the purpose of providing funeral benefits or meeting its management expenses in any manner—

(a) for the time being authorised for the investment of trust funds, or

(b) prescribed for the purposes of this paragraph.

(2) A funeral contribution fund shall open at and maintain with one or more authorised deposit-taking institutions one or more current or deposit accounts in the name of the fund and shall—

(a) forthwith after receiving any contributions, pay those contributions into that account or one of those accounts, and

(b) keep any of its money not invested under subsection (1) in that account or one of those accounts.

Maximum penalty—10 penalty units.

s 22: Am 1992 No 112, Sch 1; 1996 No 24, Sch 1; 2003 No 61, Sch 1 [20].