Australian Capital Territory Current Acts

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Displacement of liquidator's Corporations Act obligation

    (1)     The recovery of amounts by the DI fund from liquidators of licensed insurers is declared to be an excluded matter for the purposes of the Corporations Act

, section 5F in relation to the Corporations Act

, section 477, other than to the extent stated in subsection (2), section 169A and section 169B.

Note     The Corporations Act

, s 5F provides that, if a law of a State or Territory declares a matter to be an excluded matter for the purposes of that section in relation to all or part of the Corporations legislation of the Commonwealth, the provisions that are the subject of the declaration will not apply in relation to that matter in the State or Territory that made the declaration.

    (2)     The liquidator of a licensed insurer may exercise the liquidator's powers under the Corporations Act

, section 477 in relation to a claim, judgment, order or award arising out of or in relation to a compulsory insurance policy issued by the insurer, subject to the following changes:

        (a)     the reference in section 477 to the approval of the court or the committee of inspection or of a resolution of the creditors is taken to be a reference to the approval of the DI fund manager;

        (b)     the words ‘subject to the provisions of section 556,' is taken to be omitted from subsection (1) (b);

        (c)     any other necessary changes are taken to have been made;

        (d)     any other changes prescribed by regulation are taken to have been made.

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