Secretary may give directions for transfer of business
105 Secretary may give directions for transfer of business
The Secretary shall, as soon as practicable after the prescribed day in relation to an existing funeral contribution fund, by notice in writing served on that existing fund give the fund such directions as the Secretary considers appropriate for the transfer of the fund’s contributory funeral benefit business to a funeral contribution fund which has agreed to accept the transfer.
The Secretary shall not give any directions to an existing funeral contribution fund under subsection (1) until the Secretary—
has given the existing fund an opportunity to submit a scheme to the Secretary, within such time as the Secretary may determine, for the transfer of the contributory funeral benefit business of that existing fund, and
has obtained a report from an actuary on the proposed transfer.
The Secretary shall, in exercising the Secretary’s powers under subsection (1), have regard to any scheme submitted by the existing funeral contribution fund concerned and the report of the actuary.
This provision refers to the regulations (prescribed day
). Made under this Act:
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