Funeral Funds Act 1979

The winding up of a funeral contribution fund is declared to be an applied Corporations legislation matter for the purposes of Part 3 of the Corporations (Ancillary Provisions) Act 2001 in relation to the provisions of Chapter 5 of the Corporations Act 2001 of the Commonwealth, subject to the following modifications—

section 461 is to be read as if the following paragraph were inserted after section 461 (1) (k)—

in the case of a funeral contribution fund within the meaning of the Funeral Funds Act 1979 of New South Wales, the Secretary within the meaning of that Act has, after holding an inquiry under Division 2 of Part 5 of that Act, reported that the Secretary is of the opinion that the fund cannot pay its debts and should be wound up, or that it is in the interests of the public or of the creditors of the fund or of the contributors to the fund that the fund should be wound up.”

section 462 is to be read as if section 462 (2) (e)–(h) and (2A) and (3) were omitted and the following subsection were inserted after section 462 (2)—

section 553 is to be read as if it were amended to insert “or a direction given under section 61 (2) of the Funeral Funds Act 1979 of New South Wales, is served on a funeral contribution fund” after “wound up” in section 553 (2),

section 556 is to be read as if the following paragraph were inserted after section 556 (1) (h)—

section 583 is to be read as if the following subparagraph were inserted after section 583 (c) (iii)—

such other modifications (within the meaning of the Corporations (Ancillary Provisions) Act 2001) as may be prescribed by the regulations.

The regulations may provide for the Australian Securities and Investments Commission to exercise a function under any provision of the Corporations Act 2001 of the Commonwealth that is the subject of the declaration under subsection (1), but only if—

the Australian Securities and Investments Commission is to exercise that function pursuant to an agreement of the kind referred to in section 11 (8) or (9A) (b) of the Australian Securities and Investments Commission Act 2001 of the Commonwealth, and

the Australian Securities and Investments Commission is authorised to exercise that function under section 11 of the Australian Securities and Investments Commission Act 2001 of the Commonwealth.

Section 17 of the Corporations (Ancillary Provisions) Act 2001 has effect in relation to a regulation under subsection (2) as if subsection (1) had expressly made provision for the Australian Securities and Investments Commission to exercise the functions concerned.