Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) Approved benefit fund rules of a friendly society have effect as a contract between the friendly society and each person who is, because of section 16F, taken to be the owner of a policy referable to the benefit fund.
(2) Without limiting the generality of subsection (1), a policy that is, because of section 16F, taken to be issued by a friendly society has effect, and may be enforced, as a contract between:
(a) the person who is, because of that section, taken to be the owner of the policy; and
(b) either:
(i) the friendly society that is taken to have issued the policy; or
(ii) if that friendly society's liabilities under the policy have been transferred or assigned to another company--that other company.