Commonwealth Numbered Acts

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Insurance Amendment Act 1983 No. 129 of 1983 - SECT 12

Authority to carry on insurance business for body corporate that carried on insurance business before 9 December 1971

12. Section 24 of the Principal Act is amended-

   (a)  by omitting paragraph (a) and substituting the following paragraph:

''(a) where the body corporate has a share capital-the paid-up share capital
of the body corporate is not less than $500,000;'';

   (b)  by omitting from sub-paragraphs (b) (i) and (c) (i) ''One hundred
        thousand dollars'' and substituting ''$1,000,000'';

   (c)  by omitting from sub-paragraphs (b) (ii) and (c) (ii) ''fifteen per
        centum'' and substituting ''20%'';

   (d)  by adding at the end of paragraph (e) ''and'';

   (e)  by omitting from paragraph (f) ''and'' (last occurring); and

   (f)  by omitting paragraph (g). 


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