30Procedure where deficiency in assets or management expenses unduly high

30 Procedure where deficiency in assets or management expenses unduly high

30 Procedure where deficiency in assets or management expenses unduly high

(1) If the Secretary is satisfied that, as a result of an actuarial investigation under section 28 or of an inquiry instituted by the Secretary—

(a) the assets of a funeral contribution fund are insufficient to meet its liabilities, or

(b) the rate of the management expenses of a funeral contribution fund is unduly high,

the Secretary may, by notice served on the fund, give such directions to the fund as the Secretary considers necessary in the circumstances.

(2) The Secretary must not give a direction under subsection (1) without the approval of the Minister.

(3) A funeral contribution fund must comply with a direction given to it under subsection (1).

Maximum penalty—10 penalty units.

s 30: Am 1992 No 112, Sch 1. Subst 2003 No 61, Sch 1 [24].