(1)

In this regulation:

Friendly Societies Code of a State or Territory has the meaning given by clause 1 of Schedule 4 to the Act.

(2)

This regulation applies in relation to a friendly society that only deals in, or with interests in, a benefit fund of the friendly society.

(3)

A person must not represent a friendly society in relation to dealing in, or with interests in, the friendly society benefit fund unless the person is an individual who:

(a)

is authorised, in the approved form, to deal in the fund, or with the interests, as a representative of the society; or

(b)

was, immediately before the transfer date, authorised to deal in the fund, or with the interests, as a representative of the society under:

(i)

the Friendly Societies Code of a State or Territory in the prescribed form for that Code that is endorsed in accordance with paragraphs 184 (a) and (b) of the Code; or

(ii)

a certificate of incorporation of the friendly society under the Friendly Societies Code of a State or Territory that is endorsed in accordance with paragraphs 184 (a) and (b) of the Code.

Penalty:
10 penalty units.

(4)

However, the person may represent the friendly society if, at the time of the offence, the person reasonably believed that he or she was authorised as a representative of the friendly society.

(5)

For subregulation (3), the friendly society must not authorise a person as a representative of the society if a banning order prohibits the person, except as permitted by the order, from acting as a representative of the society.

(6)

A person must not represent a friendly society in relation to dealing in, or with interests in, the friendly society benefit fund if a banning order prohibits the person, except as permitted by the order, from acting as a representative of the society.

Penalty:
10 penalty units.