Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) This section applies if a * franking credit arises in the * franking account of the * friendly society or a * wholly - owned subsidiary of the society because a * distribution declared before the demutualisation resolution day identified under subsection 316 - 70(4) is made to the society or subsidiary on or after that day.
(2) A * franking debit arises in that account.
(3) The amount of the * franking debit equals the amount of the * franking credit.
(4) The * franking debit arises at the same time as the * franking credit arises.