Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) A mutual insurance company demutualises if it ceases to be a mutual insurance company:
(a) in any case--other than by ceasing to be an insurance company; or
(b) if it is a life insurance company--because the whole of its life insurance business is transferred to another company under a scheme confirmed by the Federal Court of Australia.
(2) A mutual affiliate company demutualises if it ceases to be a mutual affiliate company other than by ceasing to be a company.
(3) The demutualisation resolution day , in relation to the demutualisation of a company, is:
(a) if paragraph (b) does not apply--the day on which the resolution to proceed with the demutualisation is passed; or
(b) if paragraph (1)(b) applies to the
demutualisation--the day on which the transfer of the whole of the
company's life insurance business takes place.