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FINANCIAL SECTOR LEGISLATION AMENDMENT ACT (NO. 1) 2002 NO. 37, 2002 - SCHEDULE 5
- Amendment of the Insurance Acquisitions and Takeovers Act 1991
1 Section 3
Omit:
* A proposal can be stopped if the Minister makes a
temporary restraining order or a permanent restraining order .
* A proposal
can be carried out if:
(a) the Minister makes a go-ahead decision ; or
(b) the Minister takes no action before a time limit runs out.
substitute:
* A proposal can be stopped if the Minister makes a
permanent restraining order .
* A proposal can be carried out if the
Minister makes a go-ahead decision .
2 Section 4 (definition of
reviewable decision)
Omit "(other than section 42 or 56)".
3
Section 35 (definition of temporary restraining order)
Repeal
the definition.
4 Division 2 of Part 3 (heading)
Repeal
the heading, substitute: 5 Section 39
Repeal the section.
6
Section 40
Repeal the section, substitute:
40 Trigger proposal
must not be carried out before a go-ahead decision is given
If:
- (a)
- a person carries out a trigger proposal; and
- (b)
- the Minister did not give a go-ahead decision in relation to the proposal
before the relevant acquisition occurred or the relevant arrangement was
entered into;
the person commits an offence punishable on conviction by imprisonment for a
period not exceeding 2 years.
- Note: Subsection 4B(2) of the Crimes Act 1914 allows a court to impose an
appropriate fine instead of, or in addition to, a term of imprisonment. If a
body corporate is convicted of an offence, subsection 4B(3) of that Act allows
a court to impose a fine of an amount that is not greater than 5 times the
maximum fine that could be imposed by a court on an individual convicted of
the same offence.
7 Subsection 41(4)
Omit "a temporary restraining order or".
8
Division 4 of Part 3 (heading)
Repeal the heading, substitute:
Division 4—Permanent restraining orders and divestment orders
9
Section 42
Repeal the section.
10 Section 45
Omit "temporary
restraining order,".
- Note: The heading to section 45 is altered by
omitting " temporary restraining order, ".
11 Section 46
Omit "temporary restraining order,".
12 Subsection 47(1)
Omit "temporary restraining order or".
13 Subsection 48(1)
Omit "a temporary
restraining order,".
14 Section 49 (definition of temporary restraining
order)
Repeal the definition.
15 Division 2 of Part 4 (heading)
Repeal the heading, substitute: 16 Section 53
Repeal the section.
17
Section 54
Repeal the section, substitute:
54 Trigger proposal must not
be carried out before a go-ahead decision is given
If:
- (a)
- a person or company carries out a trigger proposal; and
- (b)
- the Minister did not give a go-ahead decision in relation to the proposal
before the relevant agreement was entered into or the relevant alteration to
the company's constituent document was made, as the case may be;
the person or company commits an offence punishable on conviction by
imprisonment for a period not exceeding 2 years.
- Note: Subsection 4B(2) of the Crimes Act 1914 allows a court to impose an
appropriate fine instead of, or in addition to, a term of imprisonment. If a
body corporate is convicted of an offence, subsection 4B(3) of that Act allows
a court to impose a fine of an amount that is not greater than 5 times the
maximum fine that could be imposed by a court on an individual convicted of
the same offence.
18 Subsection 55(4)
Omit "a temporary restraining order or".
19
Division 4 of Part 4 (heading)
Repeal the heading, substitute:
Division 4—Permanent restraining orders and divestment orders
20
Section 56
Repeal the section.
21 Section 59
Omit "temporary
restraining order,".
- Note: The heading to section 59 is altered by
omitting " temporary restraining order, ".
22 Section 60
Omit "temporary restraining order,".
23 Subsection 61(1)
Omit "temporary restraining order or".
24 Subsection 62(1)
Omit "a temporary
restraining order,".
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