Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) Subject to subsection (2), this Division does not apply to the transferred amount if:
(a) the amount is transferred in connection with a demutualisation of a company; and
(b) Division 315 (about demutualisations of private health insurers) applies to the demutualisation; and
(c) the company (the issuing company ) to whose * share capital account the amount is transferred is either:
(i) the demutualising health insurer; or
(ii) the company mentioned in subparagraph 315 - 85(1)(a)(iii) issuing shares that are assets covered by section 315 - 85 ( demutualisation assets ).
(2) Subsection (1) does not stop this Division from applying to so much, if any, of the transferred amount as exceeds the sum of the amounts worked out under subsection (3) for each demutualisation asset that is a share issued:
(a) by the issuing company under the demutualisation; and
(b) to an entity that is either:
(i) covered by section 315 - 90 (about participating policy holders); or
(ii) the trustee of a trust covered by Subdivision 315 - C (about the lost policy holders trust).
(3) The amount worked out under this subsection for a share is:
(a) the * market value of the share on the day it is issued; or
(b) if the share is in a company covered by subparagraph
315 - 85(1)(a)(iii) that owns other assets in addition to the shares in the
demutualising health insurer--worked out using the method statement in
subsection 315 - 210(2).