Existing funeral contribution fund to decide whether to transfer business to registered fund or refund contributions
94 Existing funeral contribution fund to decide whether to transfer business to registered fund or refund contributions
An existing funeral contribution fund shall, within such period as may be specified by the Secretary by a notice served on that existing fund, notify the Secretary in writing that the fund proposes either—
to refund, in accordance with Division 2, contributions paid by contributors in connection with the contributory funeral benefit business of the existing fund, or
to transfer, in accordance with Division 3, that business to a funeral contribution fund.
An existing funeral contribution fund who is served with a notice under subsection (1) but who fails to notify the Secretary in accordance with that subsection shall, for the purposes of this Part, be deemed to have notified the Secretary that the fund proposes to refund, in accordance with Division 2, contributions paid by contributors in connection with the contributory funeral benefit business of the existing fund.
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