s 622
In forceMortality benefit fund
Chapter 12Industrial organisations and associated entities
Part 3General contents of rules
Division 3Permitted contents
622 Mortality benefit fund
(1)
An organisation’s rules may provide for an amount to be paid on the death of a member of the organisation to an eligible nominee of the member nominated by the member.
(2)
Despite the rules, the member may, by giving notice to the organisation, cancel the nomination or change the nominee to another eligible nominee.
(3)
In this section—
eligible nominee, of the member, means—
(a)
any person, other than a person mentioned in paragraph (b) or (c), who is not an officer or employee of the organisation; or
(b)
a spouse of the member; or
(c)
a child, grandchild, grandparent, nephew, niece, parent or sibling of the member.
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