Commonwealth Consolidated Acts

INSURANCE ACQUISITIONS AND TAKEOVERS ACT 1991 - SECT 50

    If:

  (a)   either of the following subparagraphs applies:

  (i)   one or more persons propose to enter into an agreement in relation to an Australian - registered insurance company;

  (ii)   it is proposed to alter a constituent document of an Australian - registered insurance company; and

  (b)   under the proposed agreement or in consequence of the proposed alteration:

  (i)   one or more directors of the Australian - registered insurance company will be accustomed or under an obligation, whether formal or informal, to act in accordance with the directions, instructions or wishes of:

  (A)   a person whose associate - inclusive control interest in the company is 15% or more, being a person acting alone or together with one or more associates; or

  (B)   an associate of such a person; or

  (ii)   either:

  (A)   a person whose associate - inclusive control interest in the company is 15% or more, being a person acting alone or together with one or more associates; or

  (B)   an associate of such a person;

    will have the power to appoint or remove one or more directors of the Australian - registered insurance company;

the proposal is a trigger proposal for the purposes of this Part.