Commonwealth Consolidated Acts

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LIFE INSURANCE ACT 1995 - SECT 179AZB

Exceptions to Part IV of the Competition and Consumer Act 2010

    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 the whole or part of the business of a body corporate under this Division by a Life Insurance Act statutory manager in control of the body corporate's business; or

  (ii)   a transfer of life insurance business of a life company under a scheme prepared by a Life Insurance Act statutory manager in control of the life company's business 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)   the acquisition of shares in a body corporate as a direct result of:

  (i)   the issue or sale of the shares under this Division by a Life Insurance Act statutory manager in control of the body corporate's business; or

  (ii)   the exercise of a right to acquire shares that was issued or sold under this Division by a Life Insurance Act statutory manager in control of the body corporate's business.


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