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Summary of

Securities Act (Friendly Societies) Exemption Amendment Notice 2004

2004/373

Gazetted on 28 October 2004

Effects of the exemption
The Hibernian Catholic Benefit Society is added to the list of friendly societies in the schedule of the Securities Act (Friendly Societies) Exemption Notice 2002, and so is able to use the existing exemptions provided by that class notice.

Background
The Hibernian Catholic Benefit Society is a non-profit organisation registered in New Zealand as a friendly society under Part II of the Friendly Societies and Credit Unions Act 1982. The Society intends to offer securities including life assurance and funeral benefits to the public.

Reasons
The Hibernian Catholic Benefit Society is a friendly society within the meaning of the Friendly Societies and Credit Unions Act 1982 and it is registered as such in terms of that Act.

The Commission has recently reviewed the policy, content of, and conditions applying to the class notice and renewed that class exemption after finding it remained relevant, useful, and in compliance with Commission policy in relation to bodies that can technically be considered issuers but whose members do not "invest" to gain a commercial return. The products offered by The Hibernian Catholic Benefit Society appear consistent with the purposes of this exemption.