Untitled document

Friendly Societies (Victoria) (Amendment) Act 1997

Act No. 43/1997

TABLE OF PROVISIONS

Section	Page
PART 1—PRELIMINARY	1

1.	Purposes	1
2.	Commencement	1
3.	Definition	2

PART 2—AMENDMENT OF FRIENDLY SOCIETIES

(VICTORIA) CODE 3

4.	Definition of friendly societies legislation	3
5.	Health benefit fund rules	3
6.	Members	3
7.	Members who are minors	3
8.	Name	3
9.	Abbreviations of society's name	4
10.	Publication of name	4
11.	Provision of benefits	5
12.	Approval to establish benefit fund	5
13.	Transfer of an asset between funds	5
14.	Distribution of surplus in benefit fund	7
15.	Section 135 substituted	7
135. Disclosure document to be lodged	7
16.	Form of disclosure document	8
17.	Content of disclosure document	8
18.	Exemptions and modifications	8
19.	New section 196A inserted	9
Subdivision 3A—Exemptions and modifications relating to
representatives	9
196A. Exemptions and modifications under Subdivision 3	9
20.	Vacation of office	10
21.	Voting	11
22.	Appointment of actuaries	11
23.	Actuarial investigations	12
24.	Mergers and transfers of engagements involving foreign societies 12

i

Section Page

Division 3—Mergers and transfers of engagements involving

foreign societies	12
376. Definitions in Division 3	12
377. Proposal for merger or transfer of engagements	13
378. SSA may register merged society	16
379. Certificate of confirmation for total transfer	18
380. Certificate of confirmation for partial transfer	19
381. When transfer of engagements takes effect	20
382. Effect of merger	21
383. Effect of transfer of engagements	21
384. Surrender of certificate of incorporation	23

25.	Definitions in Part 11	23
26.	Registration of foreign societies	23
27.	Agents of foreign societies	24
28.	Repeal of section 429	25
29.	Service on agent	25
30.	SSA to be notified of certain changes	25
433. SSA to be notified of certain changes	25
31.	Balance sheets	26
32.	SSA to provide certain documents	26
33.	Prescribed fees	26
34.	Transitional provisions for benefit funds	27
35.	Transitional provision for accounts	27
489A. Accounts	27
36.	Transitional provision for Part 4B	28
492. Operation of Part 4B	28

PART 3—AMENDMENT OF FRIENDLY SOCIETIES

(VICTORIA) ACT 1996 29

37.	New section 21A inserted	29
21A. Indictable offences	29

PART 4—AMENDMENT OF FINANCIAL INSTITUTIONS

(VICTORIA) ACT 1992 30

38.	New definition inserted	30
39.	New section 54A inserted	30
54A. Indictable offences	30

PART 5—MINOR AND CONSEQUENTIAL AMENDMENTS 31

40.	Statute law revision	31
41.	Consequential amendments	32

__________________

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Section	Page
SCHEDULE 1—Consequential amendments	33

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NOTES 36

iii

Victoria

No. 43 of 1997

Friendly Societies (Victoria)

(Amendment) Act 1997†

[Assented to 11 June 1997]

The Parliament of Victoria enacts as follows:

PART 1—PRELIMINARY

1. Purposes

The purposes of this Act are—

(a)	to make miscellaneous amendments to the Friendly Societies (Victoria) Act 1996; and
(b)	to make consequential amendments to other Acts.

2. Commencement

Friendly Societies (Victoria) (Amendment) Act 1997

Act No. 43/1997

(1) Subject to sub-section (2), this Act comes into

operation on the day on which it receives the
Royal Assent.

(2) Section 41 comes into operation on a day to be

proclaimed.

3. Definition

In this Act, "Code" means the Friendly Societies
Code set out in Schedule 1 to the Friendly

Societies (Victoria) Act 1996.

_______________
Friendly Societies (Victoria) (Amendment) Act 1997

s. 4 Act No. 43/1997

PART 2—AMENDMENT OF FRIENDLY SOCIETIES

(VICTORIA) CODE

4. Definition of friendly societies legislation

In section 3 of the Code, in the definition of
"friendly societies legislation", after paragraph (b)

insert—

"and

(c)	the financial institutions legislation within the meaning of the AFIC Code so far as it applies or is otherwise relevant to the
legislation mentioned in paragraph (a) or (b).".

5. Health benefit fund rules

(1) In section 77 of the Code, for "For the purposes of

this Code, except provisions applying to the
making or amendment of rules, the" substitute
"(1) The".

(2) At the end of section 77 of the Code insert—

"(2) Except as provided in section 78, this Code

does not apply to the rules referred to in sub-
section (1).".

6. Members

In section 80(1) of the Code, at the end of each of paragraphs (a), (b) and (c), insert "or".

7. Members who are minors

In section 81(3) of the Code, omit "is at least 10 but".

8. Name

In section 87 of the Code—

(a) sub-sections (5), (6), (7) and (10) are repealed;

Friendly Societies (Victoria) (Amendment) Act 1997

Act No. 43/1997 s. 9

(b)

in sub-section (8), for paragraph (b) "(b) a name approved for its use under Part

6A of the AFIC Code.";

(c) in sub-section (11), omit "or (10)".

9. Abbreviations of society's name

In section 88(2)(b) of the Code, for "section

87(5)" substitute "Part 6A of the AFIC Code".

10. Publication of name

(1) In section 92(1) of the Code, for "(within the meaning of section 88A of the Corporations Law)" substitute "(within the meaning of sub-

section (7))".

(2) In section 92 of the Code, for sub-section (2)

substitute—
"(2) A society must ensure that its registered

name or a name approved in relation to the society under Part 6A of the AFIC Code is used on any advertisement published, or

authorised to be published, by the society.".

(3) In section 92(6) of the Code, for "section 87(5)"

substitute "Part 6A of the AFIC Code".

(4) In section 92 of the Code, after sub-section (6)

insert—

'(7) For the purpose of sub-section (1), "public

document" means—

(a) an instrument of, or purporting to be signed, issued or published by or on behalf of, the society that—

(i)  when signed, issued or published, is intended to be lodged or is required by or under this Code to be lodged; or

Friendly Societies (Victoria) (Amendment) Act 1997

s. 11

s. 13 Act No. 43/1997

(ii)  is signed, issued or published under or for the purposes of this Code or any other law of the Commonwealth or of a State; or

(b)	an instrument of, or purporting to be signed or issued by or on behalf of, the society that is signed or issued in the course of, or for the purposes of, a particular transaction or dealing; or
(c)	without limiting paragraph (a) or (b), a business letter, statement of account, invoice, receipt, order for goods or services, or official notice of, or purporting to be signed or issued by or on behalf of, the society.'.

11. Provision of benefits

In section 96 of the Code, for sub-section (2)
substitute—

"(2) Sub-section (1) does not apply to amounts

payable by a society—

(a) in respect of shares in the society; or

(b) within the meaning of the

as trustee for a superannuation entity Act 1993 (Commonwealth).".

12. Approval to establish benefit fund

In section 98(4) of the Code, for paragraph (c)
substitute—

"(c) there is no good reason why the proposed

rules should not be registered—".

13. Transfer of an asset between funds

(1) In section 107 of the Code, for sub-section (1)

substitute—

Friendly Societies (Victoria) (Amendment) Act 1997
Act No. 43/1997

"(1) A society must not, except in accordance with sub-section (2), transfer an asset—

(a)	from one benefit fund of the society to another benefit fund of the society; or
(b)	from a benefit fund of the society to the management fund of the society.".

(2) In section 107 of the Code, for sub-section (2)

substitute—

'(2) A society may transfer an asset from a

benefit fund (the "transferor fund") to
another benefit fund or the management fund

(the "transferee fund") if—

(a)	the society transfers from the transferee fund to the transferor fund an amount equal to the fair value of the asset determined in accordance with section 109; and
(b)	in the case of a transfer referred to in sub-section(1)(a), the transfer is fair and reasonable in all the circumstances
for the members of the transferor fund and the transferee fund;
(c)	in the case of a transfer referred to in sub-section (1)(b), the transfer is fair and reasonable in all the circumstances

for the members of the society.'.

Friendly Societies (Victoria) (Amendment) Act 1997

s. 14 Act No. 43/1997

(3) In section 107(3) of the Code, after paragraph (c)

insert—

"; or

(d) any application of assets of a benefit fund permitted by this Code or the standards.".

14. Distribution of surplus in benefit fund

In section 108(1)(c) of the Code, before "may" insert "if the rules of the society so provide,".

15. Section 135 substituted

For section 135 of the Code substitute—

"135. Disclosure document to be lodged

(1) A person must not issue, or cause to be

issued, an invitation to contribute, or accept a contribution, to a benefit fund of a society unless a disclosure document relating to that benefit fund and that complies with this

Division has been lodged with the SSA within the last preceding 12 months.

(2) A person must not issue, or cause to be

issued, an invitation to contribute, or accept a contribution, to a benefit fund of a foreign society unless a disclosure document relating
to that benefit fund and that complies with the corresponding Division to this Division in the friendly societies legislation of the
participating State in which the foreign society is incorporated has been lodged, within the last preceding 12 months, with the

SSA of that participating State. imprisonment for 5 years or both.".

Friendly Societies (Victoria) (Amendment) Act 1997

Act No. 43/1997 s. 16

16. Form of disclosure document

After section 137(1)(e) of the Code insert—

"(f) must comply with any requirements of the

standards applicable to disclosure

documents.".

17. Content of disclosure document

In section 140(2) of the Code, in paragraphs (d) and (e) omit "or application form".

18. Exemptions and modifications

(1) In section 158(1) of the Code—

(a) after "may," insert "subject to and in accordance with the standards,";

(b) in paragraph (a), omit "and";

(c) paragraph (b) is repealed.

(2) In section 158 of the Code, for sub-section (5)

substitute—

"(5) The SSA may, subject to and in accordance

with the standards, by writing, declare that a manner specified in the declaration, and, where such a declaration is made, this Division has effect accordingly.".

this Division has effect in its application to a
particular person or persons, or a particular
class of persons, either generally or as
otherwise provided in the declaration as if a
specific provision or provisions of this

(3) In section 158 of the Code, for sub-section (7)

substitute—
"(7) The SSA must cause to be published in the

Gazette a statement to the effect that an exemption has been granted or a declaration

Friendly Societies (Victoria) (Amendment) Act 1997

s. 19 Act No. 43/1997

made under this section in relation to a
particular class of persons or a particular

class of benefit funds.".

19. New section 196A inserted

After section 196 of the Code insert—

"Subdivision 3A—Exemptions and

modifications relating to representatives

196A. Exemptions and modifications under

Subdivision 3

(1) The SSA may, subject to and in accordance

with the standards, by writing, exempt a
particular person or persons, or a particular
class of persons, either generally or as
otherwise provided in the exemption, and
either unconditionally or subject to
conditions (if any) as are specified in the
exemption, from compliance with all or any
of the provisions of Subdivision 3.

(2) Without limiting the generality of sub-

section (1), an exemption under that sub-
section may relate to particular benefits or to
a particular class of benefits.

(3) A person must not contravene a condition to which an exemption under sub-section (1) is subject.

(4) Where a person has contravened a condition to which an exemption under sub-section (1) is subject, the Court may, on the application of the SSA, order the person to comply with the condition.

(5) The SSA may, subject to and in accordance with the standards, by writing, declare that Subdivision 3 has effect in its application to

a particular person or persons, or a particular

Friendly Societies (Victoria) (Amendment) Act 1997

Act No. 43/1997 s. 20

class of persons, either generally or as varied in a manner specified in the declaration, and, where such a declaration is made, that Subdivision has effect accordingly.

otherwise provided in the declaration as if a
specific provision or provisions of that

(6) Without limiting the generality of sub-

section (5), a declaration under that sub-
section may relate to particular benefits or to

a particular class of benefits.

(7) The SSA must cause to be published in the

Gazette a statement to the effect that an exemption has been granted or a declaration made under this Subdivision in relation to a particular class of persons or a particular class of benefit funds.".

20. Vacation of office

(1) In section 290(2) of the Code, omit "for the

remainder of the term of the office".

(2) In section 290 of the Code, after sub-section (2)

insert—

"(2A) The term of office of a director appointed to fill a casual vacancy ends as provided by the society's rules either—

(a) immediately before the election of directors at the next annual general meeting of the society after the

appointment; or

(b) at the end of that annual general meeting.".

Friendly Societies (Victoria) (Amendment) Act 1997

s. 21 Act No. 43/1997

21. Voting

(1) In section 305(2)(e) of the Code omit "in the case

of a person who is a member by reason only of
holding a share in the society,".

(2) In section 305(3)(b) of the Code, after "the

member" insert "(but in any case not more votes than the number of permanent shares held by the member)".

(3) In section 305 of the Code, for sub-section (4)

substitute—

"(4) The SSA must not register rules referred to

in sub-section (2) unless it approves—

(a)	in the case of sub-sections (2)(b) and (2)(c), the minimum period or the minimum interest in a benefit fund (as the case requires); or
(b)	in the case of sub-section (2)(d), the terms and conditions for provision of benefits; or
(c)	in the case of sub-section 2(e), the minimum amount of paid-up share capital.".

22. Appointment of actuaries

(1) In section 352(4) of the Code, before paragraph

(a) insert—
"(aa) is ordinarily resident in this State; and".

(2) In section 352 of the Code, after sub-section (5)

insert—

"(6) The SSA, after consultation with AFIC, may

exempt a person from the requirement
referred to in sub-section (4)(aa).".

Friendly Societies (Victoria) (Amendment) Act 1997

Act No. 43/1997 s. 23

23. Actuarial investigations

(1) In section 358(1)(a) of the Code, for "investigate the financial condition of the society" substitute "conduct a financial investigation in accordance with the standards".

(2) Section 358(2) of the Code is repealed.

24.  Mergers and transfers of engagements involving foreign societies

For Division 3 of Part 7 of the Code substitute—

'Division 3—Mergers and transfers of engagements involving foreign societies

376. Definitions in Division 3
In this Division—
"certificate of confirmation" means a

certificate given by the SSA, or by the a transfer of engagements;

"corresponding provision", in relation to a specified provision of this Code, means the provision of the friendly societies

legislation of the participating State
corresponding to the specified
provision;

"foreign society" means a body corporate

that is a society under the friendly
societies legislation of another
participating State, whether or not it is
registered as a foreign society under
Part 11;

"participating State", in a provision of this
Division about a foreign society, means

Friendly Societies (Victoria) (Amendment) Act 1997

s. 24	Act No. 43/1997
the State in which the foreign society is incorporated;

"transferee society" means—

(a) a society to which a foreign society is to transfer, or has transferred, totally or partially, its

engagements; or

(b) a foreign society to which a society is to transfer, or has transferred, totally or partially, its

engagements;

"transferor society" means—

(a)	a society that is to transfer, or has transferred, totally or partially, its engagements to a foreign society; or
(b)	or has transferred, totally or

a foreign society that is to transfer, society.

377.  Proposal for merger or transfer of engagements

(1) This section applies if a society proposes a

consolidation of some or all of its assets,
liabilities and undertakings with some or all
of the assets, liabilities and undertakings of a
foreign society, by—

(a)	the merger of the society and the foreign society; or
(b)	a total or partial transfer of the engagements of the society to the foreign society; or

Friendly Societies (Victoria) (Amendment) Act 1997

Act No. 43/1997 s. 24

(c) a total or partial transfer of the engagements of the foreign society to the society.

(2) The proposed merger, or transfer of

engagements, must be approved by a special resolution of the society unless the SSA has determined that it may be approved by the

society's board.

(3) If the society is to approve the proposed

merger or transfer of engagements by special resolution, it must prepare, and send to each of its members, a statement approved by the SSA specifying—

(a)	the financial position of the society and foreign society as shown in financial statements that have been prepared as at a date that is not more than 6 months before the date of the statement; and
(b)	if the proposal is for a merger, any proposal for the composition of the board of directors of the merged

society; and

(c)	if the proposal is for a total transfer of engagements, any proposal for the composition of the board of directors of the transferee society; and
(d)	any interest that any officer of the society or foreign society has in the proposed merger, or transfer of engagements; and
(e)

any compensation or other any other incentive proposed to be given, to any officer or member of the

Friendly Societies (Victoria) (Amendment) Act 1997

s. 24	Act No. 43/1997
society or foreign society in relation to the proposed merger, or transfer of engagements; and

(f)	whether the proposal is a merger, or transfer of engagements and the reason for the merger or transfer of engagements; and
(g)	if the proposal is for a transfer of engagements, whether it is a total or partial transfer of engagements; and
(h)	if the proposal is for a merger, the participating State in which the merged society will be incorporated; and

(i) any other matter specified by the SSA.

(4) If, under the corresponding provision to this

section, the foreign society is required to
give its members a statement, the statement

given by the society and the statement given
by the foreign society must be consistent.

(5) The statement mentioned in sub-section (3)

must be sent to the members of the society so
that it will in the ordinary course of post
reach each member who is entitled to vote on
the special resolution not later than—

(a)	if the resolution is to be decided at a meeting, 21 days before the date of the meeting; or
(b)	if the resolution is to be decided by a postal ballot, 21 days before the day on or before which the ballot papers must be returned by members voting in the ballot.

Friendly Societies (Victoria) (Amendment) Act 1997

Act No. 43/1997 s. 24

(6) The SSA may exempt the society—

(a)	from the requirements to prepare the statement mentioned in sub-section (3) and to send the statement to its members; or
(b)	only from the requirement to send the statement mentioned in sub-section (3) to its members.

(7) The SSA may grant an exemption, or

approve a statement, subject to the conditions it considers appropriate.

378. SSA may register merged society

(1) This section applies if—

(a)	a society proposes a merger with a foreign society; and
(b)	the merged society is proposed to be incorporated in this State.

(2) An application may be made to the SSA to register the merged society.

(3) The application must be made by the society and the foreign society jointly.

(4) The SSA must register the merged society if it is satisfied that—

(a) 377 and the foreign society has

the society has complied with section provision to section 377; and

(b)	the proposed rules of the merged society are adequate; and
(c)	there are reasonable grounds for believing that the merged society will

Friendly Societies (Victoria) (Amendment) Act 1997

s. 24	Act No. 43/1997
be able to comply with the standards; and

(d) one of the following applies—

(i)  the certificate of incorporation of the society has been surrendered to the SSA;

(ii) the society's certificate of
incorporation has been lost or
destroyed; and

(e) one of the following applies—

(i) the foreign society has been

the certificate of incorporation of participating State;

(ii) the SSA of the participating State

the foreign society has satisfied has been lost or destroyed; and

(f) there is no good reason why the merged society and its rules should not be registered.

(5) If the SSA registers the merged society, it

must also—

(a) register its rules; and
(b) cancel the registration of the society.

(6) On registering the merged society, the SSA

must issue a certificate of incorporation to
the merged society.

(7) A merger takes effect on the issue of the

certificate of incorporation under sub-section
(6).

(8) An application for the registration of a

merger under this Division—

Friendly Societies (Victoria) (Amendment) Act 1997

Act No. 43/1997 s. 24

(a)	must be made in the way and form required by the SSA; and
(b)

must be accompanied by 2 copies of the and any other particulars required by the SSA.

379. Certificate of confirmation for total transfer

(1) This section applies if a society proposes a

total transfer of engagements from a foreign
society to the society.

(2) The society may apply to the SSA for a

certificate of confirmation of the total

transfer of engagements.

(3) The SSA must issue a certificate of

confirmation if it is satisfied that—

(a) 377 and the foreign society has

the society has complied with section provision to section 377; and

(b) the rules, or proposed new rules, of the society are adequate; and

(c) one of the following applies—

(i) the foreign society has been

the certificate of incorporation of participating State;

(ii) the SSA of the participating State

the foreign society has satisfied has been lost or destroyed; and

(d) there is no good reason why the transfer should not take effect.

Friendly Societies (Victoria) (Amendment) Act 1997

s. 24 Act No. 43/1997

(4) An application for a certificate of confirmation of a total transfer of engagements under this Division—

(a)	must be made in the way and form required by the SSA; and
(b)	if new rules are proposed for the society, must be accompanied by 2 copies of the proposed new rules.

380.  Certificate of confirmation for partial transfer

(1) This section applies if a society proposes a

partial transfer of engagements from a
foreign society to the society or from the
society to a foreign society.

(2) The society may apply to the SSA for a certificate of confirmation of the partial transfer of engagements.

(3) The SSA must issue a certificate of

confirmation if it is satisfied that—

(a) 377 and the foreign society has

the society has complied with section provision to section 377; and

(b)	the rules, or proposed new rules, of the transferee society are adequate; and
(c)	the SSA of the participating State has issued, or is about to issue, a certificate of confirmation of the partial transfer of engagements for the foreign society under the corresponding provision to this section; and
(d)	there is no good reason why the transfer should not take effect.

Friendly Societies (Victoria) (Amendment) Act 1997

Act No. 43/1997 s. 24

(4) An application for a certificate of

confirmation of a partial transfer of engagements under this Division—

(a)	must be made in the way and form required by the SSA; and
(b)	if the society is the transferee society, and new rules are proposed for the society, must be accompanied by 2 copies of the proposed new rules for the society.

381. When transfer of engagements takes effect

(1) This section applies to a total or partial

transfer of engagements from a society to a
foreign society or from a foreign society to a

society.

(2) The transfer of engagements takes effect—

(a) if it is a total transfer of engagements—

(i) the corresponding provision to

on the issue under section 379, or confirmation of the transfer; or

(ii)  if a later time is stated in the certificate, at the later time; or

(b) if it is a partial transfer of engagements—

(i) confirmation of the transfer have
issued, under section 380, and the
corresponding provision to section

when the certificates of transferee societies; or

(ii)  if a later time is stated in the certificates, at the later time.

Friendly Societies (Victoria) (Amendment) Act 1997

s. 24 Act No. 43/1997

382. Effect of merger

(1) This section applies on a merger of a society

and a foreign society taking effect, whether
the merged society is registered under
section 378 or the corresponding provision to
section 378.

(2) The merged society is the successor of the merging societies.

(3) Without limiting sub-section (2)—

(a)

the members of each merging society society; and

(b) society become assets and liabilities of
the merged society without any

all assets and liabilities of each merging and

(c)	in all documents (including, for example, a contract to which a merging society was a party), a reference to a merging society is a reference to the merged society; and
(d)	a legal proceeding by or against a merging society that is not finished when the merger takes effect may be continued and finished by or against the merged society; and
(e)	the duties, obligations, immunities, rights and privileges applying to a merging society apply to the merged

society.

383. Effect of transfer of engagements

(1) This section applies on a total transfer of engagements taking effect under section 381.

Friendly Societies (Victoria) (Amendment) Act 1997

Act No. 43/1997 s. 24

(2) This section also applies on a partial transfer

of engagements taking effect under section
381, but only—

(a)	subject to the terms on which the transfer takes place; and
(b)	to the extent necessary to give effect to the transfer.

(3) The transferee society is the successor of the transferor society.

(4) Without limiting sub-section (3)—

(a)

the members of the transferor society society; and

(b) society become assets and liabilities of
the transferee society without any

all assets and liabilities of the transferor and

(c) in all documents (including, for example, a contract to which the transferor society was a party), a reference to the transferor society is a

reference to the transferee society; and

(d)	a legal proceeding by or against the transferor society that is not finished when the transfer of engagements takes
effect may be continued and finished by or against the transferee society; and
(e)	the duties, obligations, immunities, rights and privileges applying to the transferor society apply to the

transferee society.

Friendly Societies (Victoria) (Amendment) Act 1997

s. 25 Act No. 43/1997

384. Surrender of certificate of incorporation

(1) This section applies if a society proposes—

(a)	to merge with a foreign society, and under the proposal, the merged society is to be incorporated in the participating State; or
(b)	a total transfer of its engagements to a foreign society.

(2) After the proposed merger or transfer has

been approved under section 377, the society must surrender its certificate of incorporation to the SSA.

(3) Upon the merger or transfer of engagements

taking effect under the friendly societies
legislation of the participating State, the SSA
must cancel the registration of the society.'.

25. Definitions in Part 11

In section 426 of the Code—

(a)	the definition of "applicable standard" is repealed;
(b)	in paragraphs (h) and (i) of the definition of "carrying on business"—

(i)  for "this State" substitute "another State";

(ii)  for "another State" substitute "this State".

26. Registration of foreign societies

(1) In section 427(2) of the Code—

(a) in paragraph (a), for "a certificate of the SSA" substitute "a certificate issued within the preceding 2 months by the SSA";

(b) for paragraph (c) substitute—

Friendly Societies (Victoria) (Amendment) Act 1997

Act No. 43/1997 s. 27

"(c) a statutory declaration by 2 directors of the society stating—

(i)  the name and address of the office of the person who is to act as agent of the society in this State; and

(ii)  any names that the society proposes to use in this State that have been approved under Part 6A of the AFIC Code and the conditions for the use of any approved name; and

(ca) the prescribed fee; and".

(2) In section 427(3) of the Code—

(a) in paragraph (a) omit "and";

(b) paragraph (b) is repealed.

(3) In section 427 of the Code, after sub-section (3)

insert—

"(4) A society is not eligible for registration

under this section unless each name under
which it proposes to carry on business in this

State—

(a) is identical with a name under which it carries on business in the participating State in which the society is

incorporated; and

(b)

has been reserved for the society for of the AFIC Code.".

27. Agents of foreign societies

(1) In section 428 of the Code, for sub-section (2)

substitute—

Friendly Societies (Victoria) (Amendment) Act 1997

s. 28 Act No. 43/1997

"(2) A foreign society must—

(a)	appoint an agent who is a person ordinarily resident in this State or a body corporate incorporated in this State; and
(b)	obtain the written consent of the agent to act as the agent of the society in this State; and
(c)	authorise the agent to accept on the society's behalf service of processes and notices; and
(d)	ensure that the agent maintains an office in this State and that the office is attended by the agent or a representative of the agent at all times during ordinary business hours.".

(2) Section 428(3) of the Code is repealed.

28. Repeal of section 429

Section 429 of the Code is repealed.

29. Service on agent

Section 431(2) of the Code is repealed.

30. SSA to be notified of certain changes

For section 433 of the Code substitute—

"433. SSA to be notified of certain changes

(1) A foreign society must, within one month

after a change affecting the agent of the
foreign society (or the address of the agent's
office), lodge with the SSA particulars of
that change accompanied by the prescribed
documents.

Friendly Societies (Victoria) (Amendment) Act 1997

Act No. 43/1997 s. 31

(2) A change referred to in sub-section (1) takes

effect at the end of the day on which the
society lodges the particulars and the
documents required under sub-section (1).".

31. Balance sheets

Section 434 of the Code is repealed.

32. SSA to provide certain documents

In section 437 of the Code, for "are held by the SSA in accordance with section 27" substitute "may be inspected at the public office of the SSA

in this State".

33. Prescribed fees

(1) In the Code—

(a) in section 29(1), after "by a society" insert "accompanied by the prescribed fee";

(b) after section 60(2)(b)(vi) insert—

"(vii) the prescribed fee; and";

(c) in section 87(3), after "by the society" insert "accompanied by the prescribed fee";

(d) after section 389(1)(d) insert—

" and

(e) the prescribed fee.";

(e) in section 392(1), after "the SSA requires" insert "and on payment of the prescribed fee";

(f) after section 395(1)(d) insert—

" and

(e) the prescribed fee.";
Friendly Societies (Victoria) (Amendment) Act 1997

s. 34 Act No. 43/1997

(g) in section 398(1), after "the SSA requires" insert "and on payment of the prescribed fee".

(2) After section 436(1) of the Code insert—

"(1A) An application under sub-section (1) must be accompanied by the prescribed fee.".

(3) After section 440(2)(c) of the Code insert—

"and

(d) the prescribed fee.".

(4) After section 450(1) of the Code insert—

"(1A) A notice under sub-section (1) must be

accompanied by the prescribed fee.".

(5) In section 482(1) of the Code, after "section 481

applies" insert "and on payment of the prescribed
fee".

34. Transitional provisions for benefit funds

(1) In section 483 of the Code, before "A" insert

"(1)".

(2) In section 483 of the Code, omit "and continues,

unless restructured or terminated in accordance with Part 4A, as a benefit fund of the society".

(3) At the end of section 483 of the Code insert—
"(2) Sub-section (1) does not apply to a benefit

fund of a continuing society from which only non-monetary benefits were provided before the commencement of this section.".

35. Transitional provision for accounts

After section 489 of the Code insert—

"489A. Accounts

The directors of a society must prepare, or cause to be prepared, accounts for the

Friendly Societies (Victoria) (Amendment) Act 1997

Act No. 43/1997 s. 36

financial year last ended before the

commencement of this Code—

(a)	as if the friendly societies legislation had not been enacted; or
(b)	in accordance with Part 6 of this Code and the standards.".

36. Transitional provision for Part 4B

For section 492 of the Code substitute—

"492. Operation of Part 4B

(1) Despite the commencement of Part 4B, a

failure to comply with that Part during the
period of 6 months after that commencement
is not a contravention of this Code.

(2) The SSA may, in writing given to a society,

exempt the society from compliance with Division 2 of Part 4B in respect of one or more benefit funds for a further period
ending not later than 12 months after the
commencement of that Division.

(3) An exemption under sub-section (2) applies

to the society and anything done by any
person in relation to the society and may be
given subject to such conditions as are
specified in the notice.".

_______________
Friendly Societies (Victoria) (Amendment) Act 1997

s. 37 Act No. 43/1997

PART 3—AMENDMENT OF FRIENDLY SOCIETIES

(VICTORIA) ACT 1996

37. New section 21A inserted

After section 21 of the Friendly Societies

(Victoria) Act 1996, in Part 7 insert—

"21A. Indictable offences

An offence under the Friendly Societies (Victoria) Code that is punishable by a period of imprisonment of more than 2 years is an indictable offence.".

_______________
Friendly Societies (Victoria) (Amendment) Act 1997

Act No. 43/1997 s. 38

PART 4—AMENDMENT OF FINANCIAL INSTITUTIONS

(VICTORIA) ACT 1992

38. New definition inserted

(1) In section 7(1) of the Financial Institutions

(Victoria) Act 1992 insert—

' "Friendly Societies Code" means the Friendly

Societies (Victoria) Code;'.

(2) In section 10(1) of the Financial Institutions

(Victoria) Act 1992 insert—
' "Friendly Societies Code" means the Friendly

Societies (Victoria) Code;'.

39. New section 54A inserted

After section 54 of the Financial Institutions

(Victoria) Act 1992, in Part 9 insert—

"54A. Indictable offences

An offence under the Financial Institutions (Victoria) Code that is punishable by a period of imprisonment of more than 2 years is an indictable offence.".

_______________
Friendly Societies (Victoria) (Amendment) Act 1997

s. 40 Act No. 43/1997

PART 5—MINOR AND CONSEQUENTIAL AMENDMENTS

40. Statute law revision

(1) In section 3 of the Code—

(a)	in the definition of "accounts" for " reports" (where secondly occurring) substitute "report";
(b)	in the definitions of "AFIC Code" and "Appeals Tribunal" omit "(Queensland)";
(c)	in the definition of "inspector", for "77" substitute "33".

(2) In section 4(1)(f) of the Code, for "11" substitute

"10".

(3) In section 30(3) of the Code, for "approvel"

substitute "approval".

(4) In section 40(7)(b) of the Code, for "83 (Offence related warrants)" substitute "39".

(5) In section 69(3) of the Code, for "sub-section (3)"

substitute "sub-section (4)".

(6) In section 96(1)(b) of the Code, for "a" substitute

"the".

(7) In section 111(1)(b) of the Code, for "fund"

(where first occurring) substitute "funds".

(8) In section 126 of the Code—

(a)	in the definition of "application period" for "provison" substitute "provision";
(b)	in paragraph (c) of the definition of "proper authority", for "Code" substitute "Part".

(9) In section 171(2) of the Code omit "a person by".

(10) In section 215(1) of the Code, after "a
contravention of" insert "section".
Friendly Societies (Victoria) (Amendment) Act 1997

Act No. 43/1997 s. 41

(11) In section 285(3)(a) of the Code, for "re-election"

substitute "election".

(12) In section 298(10) of the Code, for "10"

substitute "9".

(13) In section 314(4) of the Code, for "resolutuion"

substitute "resolution".

(14) In section 317(9)(b) of the Code, for "from"

(where secondly occurring) substitute "form".

(15) In section 338(1)(c) of the Code, for "269"

substitute "331".

(16) In section 361(6) of the Code, for "6" (where

secondly occurring) substitute "7".

(17) In section 479(4) of the Code, for "transactions"

substitute "arrangements".

41. Consequential amendments

An Act specified in the heading to an item in Schedule 1 is amended as set out in that item.

__________________
Friendly Societies (Victoria) (Amendment) Act 1997

Sch. 1	Act No. 43/1997
SCHEDULE 1

CONSEQUENTIAL AMENDMENTS

1. Benefit Associations Act 1958
1.1. In section 4(3)(a), for "Friendly Societies Act 1986"

substitute "Friendly Societies (Victoria) Code".

1.2. In section 10, for "Friendly Societies Act 1986" substitute

"Friendly Societies (Victoria) Code".

2. Co-operation Act 1981
2.1. In section 52(3)(a), for "Friendly Societies Act 1986"

substitute "Friendly Societies (Victoria) Code".

2.2. In section 54(7)(a), for "Friendly Societies Act 1986"

substitute "Friendly Societies (Victoria) Code".

2.3. In section 219, for "Friendly Societies Act 1986"

substitute "Friendly Societies (Victoria) Code".

3. Co-operatives Act 1996
3.1. In section 306(e), for "Friendly Societies Act 1986"

substitute "Friendly Societies (Victoria) Code".

4.  Co-operative Housing Societies Act 1958 4.1. In section 9(1), for "registered under the Friendly Societies

Act 1986" substitute "registered or to be taken to be registered under the Friendly Societies (Victoria) Code".

4.2. In section 73, for "registered under the Friendly Societies

Act 1986" substitute "registered or to be taken to be registered under the Friendly Societies (Victoria) Code".

5.	Corporations (Victoria) Act 1990 5.1. In section 93, paragraph (e) is repealed.
6.	Dentists Act 1972 6.1. In section 36(4)(iv), for "Friendly Societies Act 1986"

substitute "Friendly Societies (Victoria) Code".

7. Environment Protection Act 1970

7.1. In section 4, for paragraph (c) of the definition of "financial
institution" substitute—

Friendly Societies (Victoria) (Amendment) Act 1997

Act No. 43/1997 Sch. 1

"(c) a society within the meaning of the Friendly Societies (Victoria) Code; or".

8.  Financial Institutions Duty Act 1982 8.1. In section 4(2)—

(a) omit "the Friendly Societies Act 1986,";

(b) before "Industrial and Provident Societies Act 1958" insert "Friendly Societies (Victoria) Code or the".

9.  Funerals (Pre-paid Money) Act 1993 9.1. For section 6(1)(a) substitute—

"(a) a benefit fund of a society within the meaning of the
Friendly Societies (Victoria) Code; or".

10.  Industrial and Provident Societies Act 1958 10.1. In section 41A(1)(c), omit ", the Friendly Societies Act

1958".

10.2. Sections 47B and 47D are repealed.

10.3. In section 47E(1)—

(a) omit "or" at the end of paragraph (c);
(b) paragraph (d) is repealed.

10.4. In section 47F, for ", incorporated association or friendly society" (wherever occurring) substitute "or incorporated association".

11. Pharmacists Act 1974

11.1. In section 3, in paragraph (b) of the definition of "pharmacy
department", after "Friendly Societies Act 1986" insert
"or the Friendly Societies (Victoria) Code".

11.2. In section 21(4), for "registered society within the meaning

of the Friendly Societies Act 1986 while the society is acting in accordance with that Act" substitute "society within the meaning of the Friendly Societies (Victoria) Code while the society is acting in accordance with that Code".

12. Statistics Act 1958
12.1. Sections 6 and 8 are repealed.

Friendly Societies (Victoria) (Amendment) Act 1997

Sch. 1 Act No. 43/1997

13. Trade Unions Act 1958
13.1. In section 6—

(a)	paragraph (a), for "Friendly Societies Act 1986" substitute "Friendly Societies (Victoria) Act 1996";
(b)	after paragraph (d) insert— "(e) The Friendly Societies (Victoria) Code—";
(c)	after "section 79 of the Friendly Societies Act 1986" insert "as in force immediately before the commencement of the Friendly Societies (Victoria) Act 1996".

14. Unclaimed Moneys Act 1962
14.1. In section 9(1), in the definition of "business", for paragraph

(e) substitute—

"(e) a society within the meaning of the Friendly Societies (Victoria) Code; or".

═══════════════
Friendly Societies (Victoria) (Amendment) Act 1997

Act No. 43/1997 Notes

NOTES

†

Minister's second reading speech—

Legislative Assembly: 23 April 1997

Legislative Council: 22 May 1997

The long title for the Bill for this Act was "to amend the Friendly
Societies (Victoria) Act 1996 and the Financial Institutions (Victoria)
Act 1992 and for other purposes."