Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) The rules of a branch of an organisation must provide for a fund of the branch that is to be managed and controlled under rules of the branch, and must make provision in relation to the fund in accordance with subsection (2).
(2) The branch fund is to consist of:
(a) real or personal property of which the branch of the organisation, by the rules or by any established practice not inconsistent with the rules, has, or in the absence of a limited term lease, bailment or arrangement, would have, the right of custody, control or management; and
(b) the amounts of entrance fees, subscriptions, fines, fees or levies received by a branch, less so much of the amounts as is payable by the branch to the organisation; and
(c) interest, rents, dividends or other income derived from the investment or use of the fund; and
(d) a superannuation or long service leave or other fund operated or controlled by the branch for the benefit of its officers or employees; and
(e) a sick pay fund, accident pay fund, funeral fund, tool benefit fund or similar fund operated or controlled by the branch for the benefit of its members; and
(f) property acquired wholly or mainly by expenditure of the money of the fund or derived from other assets of the fund; and
(g) the proceeds of a disposal of parts of the fund.
(3) The FWC may grant to a branch of an organisation exemption from this section or any provision of this section on the ground that the branch's rules make adequate and reasonable provision for its funds, having regard to the organisation's functioning under this Act and the Fair Work Act and its participation in any State workplace relations system.