Life Insurance (prudential standard) determination No. 12 of 2010 - Prudential Standard LPS 700 Friendly Society Benefit Funds
Approval of consequential amendments of Approval of consequential amendments of a friendly society’s constitution on initiative of friendly society
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Approval of consequential amendments of a friendly society’s constitution on initiative of friendly society
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On application by a friendly society, consequential amendments of a friendly society’s constitution may be approved by APRA subject to the requirements set out under section 16U of the Act and in this Prudential Standard.
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An application for APRA’s approval of consequential amendments of a friendly society’s constitution made under section 16U(1) of the Act must be made using “Form 3” in this Prudential Standard.
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After consequential amendments of a friendly society’s constitution have been approved by APRA under section 16U(3) of the Act and have come into force under section 16X of the Act, the friendly society must give written notice to its members in accordance with the requirements set out in paragraphs 50 and 51.