18
In forceValue of funeral trust
Part 3Prepaid Funeral Agreements
Division 3Duties of funeral businesses and custodians
18 Value of funeral trust
In this section – Actuary means a person who is a Fellow of the Institute of Actuaries (Australia) or another suitable person who is, in either case, approved by the Director.
On request by the Director, the custodian of a funeral trust must cause the value of the funeral trust to be determined by an Actuary. Fine not exceeding 50 penalty units.
The Actuary must determine the total value of the assets and the future and contingent liabilities of the funeral trust and provide a report to the custodian and the Director accordingly.
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