33Transfer by direction of Secretary

33 Transfer by direction of Secretary

33 Transfer by direction of Secretary

(1) Subject to this section, the Secretary may—

(a) with the approval of the Minister, direct a funeral contribution fund to transfer its contributory funeral benefit business to another funeral contribution fund, or to a person exempt from the application of section 11, nominated by the Secretary, and

(b) at the same time, require the fund, within a period specified by the Secretary, to enter into an agreement, approved by the Secretary, to give effect to the transfer so directed.

(2) The Secretary shall not give a direction under subsection (1) unless the Secretary is satisfied that the Secretary is entitled to make an application to wind up the funeral contribution fund concerned.

(3) The Secretary may, before a funeral contribution fund has transferred its contributory funeral benefit business pursuant to a direction under subsection (1) (a), revoke the direction.

(4) A funeral contribution fund shall comply with any direction or requirement given to it or made of it under subsection (1).

Maximum penalty (subsection (4)): 10 penalty units.

s 33: Am 1992 No 112, Sch 1.