36Requirements for registration

36 Requirements for registration

36 Requirements for registration

(1) A company or any group of individuals is not entitled to be registered to act as trustee or trustees of trust funds under pre-paid contracts unless the company or the individuals, as the case may be—

(a) does not or do not carry on pre-paid funeral benefit business,

(b) will be able to comply with such of the provisions of this Act as would be applicable to it or them, and

(c) possesses or possess such other qualifications as may be prescribed, and

(d) in the case of a company—the company, under the rules of the company, is required to have not less than 3 directors.

(2) For the purposes of subsection (1) (a), a person does not carry on pre-paid funeral benefit business by reason only that the person is a member or officer of a corporation that carries on that business.

s 36: Am 2004 No 91, Sch 1.17 [4] [5].