16
In forceInsolvency of funeral business
Part 3Prepaid Funeral Agreements
Division 3Duties of funeral businesses and custodians
16 Insolvency of funeral business
If –
a person carrying on a funeral business becomes insolvent or ceases to carry on that business; and the obligations under prepaid funeral agreements made by that funeral business are not transferred to another funeral business –
the custodian of the relevant funeral trust must transfer all the property and investments of the funeral trust that relate to the first-mentioned funeral business to the contributors in accordance with this Act.
Fine not exceeding 100 penalty units.
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