Farmers' mutual group

Background

The Farmers Mutual Group Act 2007 (‘FMG Act’) comes into force on 1 April 2008.  The purpose of the legislation is to modernise the laws governing associations incorporated under Mutual Insurance Act 1955 (‘1955 Act’).  The Farmers’ Mutual Insurance Association provides fire and other insurance to their members, principally farmers and persons that service or support farmers and is the only association incorporated under the 1955 Act.  The new legislation will allow the Farmers’ Mutual Insurance Association to preserve its mutual status with the powers, capacity, and governance regime of a company under the Companies Act 1993.  Upon registration under the FMG Act, the Farmers’ Mutual Insurance Association will be renamed as the Farmers’ Mutual Group.

Incorporation process

A constitution must be submitted and certified by a director of the Farmers’ Mutual Insurance Association that the initial constitution has been approved by the members and the provisions in section 4 (2)(a) and (b) of the FMG Act have been complied with.

The Registrar of Companies will issue a certificate of incorporation in the name of Farmers’ Mutual Group which will show that it changed its name from Farmers’ Mutual Insurance Association as at the date of incorporation.

No fees are payable.

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Filing obligations after incorporation

The Farmers’ Mutual Group is required to file:

1. An annual return | section 28.  The annual return must be filed in October each year.
2. Change of name | section 12 (5).  The application must be made in the prescribed form and be accompanied with a name reservation confirming that the new name is available.
3. Constitution amendments | section 14 and 15.  The amendments must be filed within ten working days of the making of an order by the High Court or the passing of a resolution by the members.  The changes must be accompanied by the prescribed form.
4. Amalgamation | section 29.  Part 13 of the Companies Act 1993 applies with the exception of sections 219, 220 and 221.
5. Voluntary administration | section 31.  Part 15A of the Companies Act 1993 applies.
   
6. Liquidation | section 32.  Part 16 of the Companies Act 1993 applies.
7. Removals | Part 17 of the Companies Act applies.
8. Financial statements | Financial statements are required to be filed under the Financial Reporting Act 1993.
   

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