Life Insurance (prudential standard) determination No. 2 of 2011 - Prudential Standard LPS 700 - Friendly Society Benefit Funds
Amendment of rules and constitutionAmendment of rules and constitution
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Amendment of rules and constitution
- If a friendly society has distributed assets in accordance with paragraph 80, the board of directors of the friendly society must within 30 days of that distribution:
(a) resolve to amend the approved benefit fund rules and, if applicable, the constitution of the friendly society, in the manner set out in the document required to be given to APRA under item 4 of Schedule 1 to Form 6, to give effect to the proposed termination of the approved benefit fund; and
(b) provide APRA with a copy of the resolutions made under this paragraph and paragraph 77; and
(c) apply to APRA for approval of a proposed amendment of its approved benefit fund rules in accordance with section 16Q of the Act; and
(d) if applicable, apply to APRA for approval of any proposed amendment of its constitution in accordance with section 16U of the Act.