36   Friendly Societies Code to apply to offers of interests in benefit funds

             (1)  The following apply as a law of the Commonwealth as from the transfer date:

                     (a)  Divisions 2 and 3 of Part 4B of the Friendly Societies Code

                     (b)  Division 2 of Part 1, and Division 1 of Part 4B, of that Code to the extent to which they provide for the interpretation of terms used in the Divisions referred to in paragraph (a)

                     (c)  sections 28, 29 and 128 of that Code to the extent to which they apply for the purposes of the Divisions referred to in paragraph (a)

                     (d)  the regulations in force immediately before the transfer date under Part 4B of that Code to the extent to which they were made for the purposes of the provisions referred to in paragraphs (a), (b) and (c)

                     (e)  standards adopted by that Code for the purposes of the provisions referred to in paragraphs (a), (b) and (c).

             (2)  The provisions referred to in subclause (1) apply as if:

                     (a)  references in the provisions to a society were references to a friendly society within the meaning of the Life Insurance Act 1996 ; and

                     (b)  references to a benefit fund were references to an approved benefit fund within the meaning of the Life Insurance Act 1996 ; and

                     (c)  references in the provisions to an SSA were references to ASIC; and

                     (d)  references in the provisions to lodging a document were references to lodging the document with ASIC; and

                     (e)  references in the provisions to the Code were references to this Act; and

                      (f)  references in the provisions to Part 4B of the Code were references to the provisions applied by this clause; and

                     (g)  references to a penalty of $20,000 were references to a penalty of 200 penalty units; and

                     (h)  references to a penalty of $5,000 were references to a penalty of 50 penalty units; and

                      (i)  references to a penalty of $2,500 were references to a penalty of 25 penalty units; and

                      (j)  references to a penalty of $1,000 were references to a penalty of 10 penalty units; and

                     (k)  subsection 135(2) of the Friendly Societies Code were omitted; and

                      (l)  paragraph 137(1)(e) of the Friendly Societies Code were omitted and replaced with a provision that requires a disclosure document to contain any other information that ASIC requires to be included in the document; and

                    (m)  subsection 137(3) of the Friendly Societies Code were omitted and replaced with a provision that requires each copy of a disclosure document to:

                              (i)  state that the document has been lodged with ASIC; and

                             (ii)  specify the date of lodgment; and

                            (iii)  state that ASIC takes no responsibility as to the contents of the document.

             (3)  If there is an inconsistency between:

                     (a)  the provisions of Division 2 of Part 1, or Division 1 of Part 4B, of the Friendly Societies Code; and

                     (b)  the provisions of Chapter 1 of this Act;

the provisions of the Code prevail for the purposes of interpreting the provisions applied by subclause (1).