32Schemes for transfer or amalgamation

32 Schemes for transfer or amalgamation

32 Schemes for transfer or amalgamation

(1) For the purposes of section 31 (a), a scheme shall set out the terms of the agreement or deed under which it is proposed to effect the transfer or amalgamation and shall contain such further provisions as are necessary for giving effect to the scheme.

(2) An application for confirmation by the Secretary of any scheme for transfer or amalgamation may be made by or on behalf of any funeral contribution fund concerned.

(3) The Secretary may require any funeral contribution fund that has applied for the confirmation of a scheme for transfer or amalgamation to—

(a) lodge with the Secretary copies of any actuarial or other reports upon which the scheme was founded,

(b) give notice of the application in a way directed by the Secretary,

(c) send to each contributor affected by the scheme—

(i) a copy of the scheme or a summary of the scheme, and

(ii) a report thereon approved by the Secretary, or

(d) lodge with the Secretary a report on—

(i) the interest of the directors or other officers of the funeral contribution funds concerned in the transfer or amalgamation, and

(ii) the compensation or other consideration proposed to be paid to those directors or officers,

or to do any combination of those things.

(4) The Secretary may cause a report on any scheme to be made by an actuary and, if the Secretary does so, shall cause a copy to be sent to each of the funeral contribution funds concerned.

(5) Where an application has been made for confirmation of a scheme under this section and the requirements (if any) of the Secretary under subsection (3) in relation to the scheme have been complied with, the Secretary may, after hearing any person whom the Secretary may consider likely to be affected by the scheme, confirm the scheme, either without modification, or subject to such modifications as the funeral contribution funds concerned agree to, or may, with the approval of the Minister, refuse to confirm the scheme.

(6) Where the Secretary refuses to confirm a scheme for transfer or amalgamation under subsection (5), the Secretary shall serve notice of that refusal on the funeral contribution fund that applied for that confirmation.