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4. Subject to and for the purposes of the requirements of the Act as modified, a friendly society must have approved benefit fund rules that adequately provide for, amongst other things, the following matters with respect to each approved benefit fund:

(a) the name of the approved benefit fund;

(b) in addition to matters dealt with under the constitution of the company for the purposes of the Corporations Act 2001, terms and conditions governing the operation of the approved benefit fund and the rights and obligations of both the friendly society and a member of an approved benefit fund under the policy contract;

(c) nature of the business to be carried out by the approved benefit fund;

(d) contribution rates for benefits, including any minimum contributions;

(e) method of determination of benefit payments under each possible contingency and any required notice period before the benefit is payable;

(f) any guaranteed benefits;

(g) membership of the approved benefit fund;

(h) authorised investments of the approved benefit fund;

(i) whether the fund is a Defined Contribution or Defined Benefit fund, as set out in this Prudential Standard;

(j) any costs or expenses which may be paid directly from the approved benefit fund;

(k) effect of taxation, including the method of calculation;

(l) whether the friendly society has the ability to make any transfers, by way of fees, transfer of surplus or otherwise, from the approved benefit fund to the management fund or other benefit funds; and

(m) whether the friendly society has the ability to allocate or distribute surplus.