Funeral Funds Act 1979

An existing funeral contribution fund shall pay to the Secretary for payment into the repayment fund established under section 100 (1) in respect of that existing fund such amount as may be calculated by the Secretary in accordance with this section as the appropriate refund of contributions by that existing fund.

Subject to this Division, the appropriate refund of contributions by an existing funeral contribution fund shall be 75 per cent of the total amount of all contributions paid by persons who are contributors in connection with the contributory funeral benefit business of that existing fund immediately before the prescribed day in relation to that existing fund.

An amount calculated by the Secretary in accordance with this section as the appropriate refund of contributions by an existing funeral contribution fund shall be paid to the Secretary by such time as the Secretary may by notice served on that existing fund direct or, where the Secretary considers it appropriate to do so, in such instalments and at such times as the Secretary so directs.

Where the appropriate refund of contributions by an existing funeral contribution fund is paid by instalments under subsection (3), the amount of each instalment shall be increased by a sum calculated at the prescribed rate.

Any calculation under subsection (4) shall be made in respect of each day that has elapsed between the prescribed day in respect of the existing funeral contribution fund making the payment and the date of payment.

Any increase of an instalment under subsection (4) shall be deemed to be part of the appropriate refund of contributions to which the instalment relates.

The Secretary may obtain and hold securities for the payment by instalments under subsection (3) of the appropriate refund of contributions by an existing funeral contribution fund.

Where the amount of the appropriate refund of contributions by an existing funeral contribution fund or an instalment of that amount, as the case may be, is not paid by the time directed under subsection (3), that amount, including any increase of that amount under subsection (4) but not including any instalment of that amount already paid, may be recovered in any court of competent jurisdiction as a debt due by the existing fund to the Secretary.