17Duty to maintain register

17 Duty to maintain register

(1)  The custodian of a funeral trust must maintain a register of prepaid funeral agreements under which payments are made to the funeral trust which records –

(a) the name and address of each contributor; and

(b) the name and address of each recipient; and

(c) the date on which each payment was received by a person carrying on a funeral business from a contributor and the amount of each payment; and

(d) the name of another funeral trust to which any money or valuable consideration received under a prepaid funeral agreement by a person carrying on a funeral business is paid or transferred; and

(e) the date when the agreement is terminated or transferred or the date when the funeral services are supplied in respect of the recipient.

(2)  The custodian of any funeral trust must maintain proper accounts for the funeral trust showing –

(a) the name of the trust account and the name of the institution at which the trust account is held; and

(b) all investments made on behalf of the funeral trust and income, dividends or other earnings received in respect of those investments; and

(c) all money and any other consideration received by the custodian in respect of each contributor; and

(d) expenses incurred by the custodian in the administration and investments of the funeral trust; and

(e) payments from the funeral trust that are made on the performance of a prepaid funeral agreement or on the termination or transfer of the agreement under this Act; and

(f) any other accounting records normally required to be kept by a trustee.

Penalty:  Fine not exceeding 50 penalty units.