Commonwealth Numbered Acts

LIFE INSURANCE AMENDMENT ACT 1977 No. 32 of 1977 - SECT 7

7. (1) Sections 19, 20 and 21 of the Principal Act are repealed and the
following section is substituted:- Registration of companies.
''19. (1) Subject to this Act, the Commissioner may, on receipt of an
application for registration from a company, register the company or refuse to
register the company.

''(2) The Commissioner shall refuse to register a company if, and only if, the
Commissioner, after appropriate inquiry, is not satisfied-

   (a)  that the application is in accordance with the provisions of this Act;

   (b)  that the company is, or is likely to be, able to meet its obligations;

   (c)  that the company is likely to be able to comply with such of the
        provisions of this Act as would be applicable to it;

   (d)  that the name of the company does not so closely resemble the name of
        a company already registered under this Act (whether before or after
        the commencement of this section) as to be likely to deceive; or

   (e)  in the case of a company that is a foreign company-that the company
        has appointed a person resident in Australia to be its principal
        officer, and the Treasurer approves the refusal to register the
        company.

''(3) The reference in paragraph (2) (b) to the obligations of a company
includes a reference to the obligations of a company in respect of-

   (a)  any insurance business that the company proposes to carry on; and

   (b)  any other kind of business that the company proposes to carry on in
        addition to life insurance business, or life insurance business and
        insurance business, if the carrying on of that other kind of business
        by the company were approved under section 16A.''.

(2) The repeal of section 19 of the Principal Act effected by sub- section (1)
of this section does not affect the registration of a company that was
registered under the Principal Act immediately before the commencement of this
section.