Federal Register of Legislation - Australian Government

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PR No. 43 Rules/Other as made
This Rule enables a friendly society to undertake a single process to amend its benefit fund rules and related parts of its constitution.
Administered by: Treasury
Registered 06 Feb 2009
Gazetted 30 Jun 1999
Date of repeal 01 Jul 2011
Repealed by Life Insurance (prudential standard) determination No. 12 of 2010 - Prudential Standard LPS 700 Friendly Society Benefit Funds



Life Insurance Act 1995








CONSTITUTION (S 16U(2) & (4)(b))




I, Graeme John Thompson, a delegate of the Australian Prudential Regulation Authority (“APRA”), under subsection 252(1) of the Life Insurance Act 1995 (the “Act”), MAKE the following Prudential Rules for the purposes of subsection 16U(2) and paragraph 16U(4)(b) of the Act:




Application for approval of consequential amendments of company’s constitution



1.  An application under subsection 16U(2) of the Act must: (a)           be in writing; and

(b)       state the name of the friendly society; and


(c)       state the reason for the consequential amendments; and


(d)       accompany  an  application  for  approval  of  benefit  fund  rules  under  subsection

16L(2) or amendment of approved benefit fund rules under subsection 16Q(2); and


(e)       be signed by:


(i)      the principal executive officer of the company; or

(ii)      an officer of the company who has been authorised for that purpose by the principal executive officer, if the principal executive officer has notified APRA in writing of the authorisation.



Notification to members


2.   Subject to rule 3, if:


(a)       APRA approves the consequential amendments of the company constitution under subsection 16U(3) of the Act; and


(b)       the consequential amendments approved by APRA have come into force under section 16X of the Act;


the friendly society must give a written notice to its members, no later than the day on which notice is given of the next general meeting of the friendly society:


(c)       stating the date on which the consequential amendments came into force; and


(d)       giving the text, or a summary, of the consequential amendments.




3.   If APRA gives its prior approval, the notice under rule 2 may be given to members by an advertisement published in a newspaper circulating generally in the area of each State or Territory in which the friendly society operates.




This instrument commences on the transfer date (as defined in section 2 of the Financial Sector Reform (Amendments and Transitional Provisions) Act (No. 1) 1999).





Dated 24 June 1999






G J Thompson

Chief Executive Officer

Australian Prudential Regulation Authority