Commonwealth Consolidated Acts

LIFE INSURANCE ACT 1995 - SECT 179A

    For the purposes of subsection   51(1) of the Competition and Consumer Act 2010 , the following things are specified and specifically authorised:

  (a)   the acquisition of assets in:

  (i)   a sale or disposal of property of a life company under this Division by a judicial manager of the life company or part of the business of the life company; or

  (ii)   a transfer of insurance business of a life company under a scheme prepared by a judicial manager of the life company, or part of the business of the life company, and confirmed (with or without modifications) by the Court under Part   9;

    (whether the assets are shares in another body corporate or other assets);

  (b)   an agreement or deed for carrying out a transfer described in subparagraph   (a)(ii);

  (c)   arrangements necessary to give effect to a scheme described in subparagraph   (a)(ii);

  (d)   the acquisition of shares in a life company as a direct result of:

  (i)   the issue or sale of the shares under this Division by a judicial manager of the life company; or

  (ii)   the exercise of a right to acquire shares that was issued or sold under this Division by a judicial manager of the life company.