34Trustee under pre-arranged contract to be registered under this Act

#### 34 Trustee under pre-arranged contract to be registered under this Act 34 Trustee under pre-arranged contract to be registered under this Act > > (1) A person shall not act as trustee of trust funds under a pre-paid contract unless that person is— > > > > > (a) a company that is a pre-paid funeral fund, or > > > > > (b) an individual who is a member of a group of individuals that is a pre-paid funeral fund. > > > > > (c) (Repealed) > > > > Maximum penalty—20 penalty units. > > > > Maximum daily penalty: 2 penalty units. > > > (2) A person is exempt from the application of subsection (1) if— > > > > > (a) the person is a friendly society within the meaning of the [Life Insurance Act 1995](http://www.legislation.gov.au/) of the Commonwealth, or > > > > > (b) the person is a Crown cemetery operator within the meaning of the [Cemeteries and Crematoria Act 2013](/view/html/inforce/current/act-2013-105). > > > (3), (4) (Repealed) > > **s 34:** Am 1992 No 112, Sch 1; 2003 No 61, Sch 1 \[27\] \[28\]; 2004 No 91, Sch 1.17 \[2\]; 2014 No 88, Sch 2.25 \[1\] \[2\]; 2016 No 60, Sch 2.4 \[5\]; 2017 No 17, Sch 4.38 \[1\].