49BProcedure where deficiency in assets or management expenses unduly high

49B Procedure where deficiency in assets or management expenses unduly high

49B 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 49A or of an inquiry instituted by the Secretary—

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

(b) the rate of the management expenses of a pre-paid funeral 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 pre-paid funeral fund must comply with a direction given to it under subsection (1).

Maximum penalty—10 penalty units.

pt 4, div 3A (ss 49A, 49B): Ins 2003 No 61, Sch 1 [35].