Commonwealth Numbered Acts

SOCIAL SECURITY LEGISLATION AMENDMENT ACT 1993 No. 36, 1993 - SECT 43

43. Section 1075 of the Principal Act is amended by inserting after subsection
(1) the following subsection:

"(2) If subsection (1) applied to an investment because it was with a friendly
society, subsection (1) does not cease to apply to the investment merely
because the society ceases to be a friendly society. Subsection (1), however,
only continues to apply to the investment while the terms of the investment
remain substantially the same as they were when the investment was with a
friendly society. Note: This subsection is intended to deal with cases in
which a friendly society restructures and as a result of the restructuring
loses its friendly society status. If the terms of the investment remain
substantially the same, the investor can still have the investment dealt with
under this section.".