Northern Territory Numbered Acts Northern Territory Numbered Acts(1) The Commission has the function of winding up the residual insurance business.
(2) Except to the extent that the Corporations Act 2001 expressly binds the Crown, the Commission, in performing a function or exercising a power under this section, is declared to be an excluded matter for the purposes of section 5F of the Corporations Act 2001 in relation to the whole of the Corporations legislation to which Part 1.1A of that Act applies.
(3) In this section:
"residual insurance business "means so much (if any) of TIO's insurance business as was not included in the sale of the insurance business (as defined in section 3 of the Territory Insurance Office (Sale) Act ).
"TIO's insurance business "means the insurance business (as defined in section 3 of the Territory Insurance Office (Sale) Act ) as carried on by TIO immediately before the insurance sale date (as defined in that section).