Source: https://www.legislation.gov.au/Details/C2015C00435
Timestamp: 2020-07-10 10:23:26
Document Index: 139912507

Matched Legal Cases: ['art 3', 'art 4', 'art 6', 'art 7', 'art 3', 'art 4', 'art 5', 'art 6', 'art 7', 'art 8', 'art 9']

Details: C2015C00435
- C2015C00435
Act No. 6 of 1992 as amended, taking into account amendments up to Tribunals Amalgamation Act 2015
sch 8 (items 31-32)
C2015C00435
14 Associate-inclusive control interest in a company
Part 3—Control of acquisition or leasing of assets of Australian-registered insurance companies
Part 4—Control of agreements relating to the directorate of Australian-registered insurance companies
Part 6—Anti-avoidance
Part 7—Decision-making principles
Registered: 20 August 2015
This is a compilation of the Insurance Acquisitions and Takeovers Act 1991 that shows the text of the law as amended and in force on 1 July 2015 (the compilation date).
This compilation was prepared on 17 August 2015.
3............ Objects of Act and simplified outline of Act....................................... 1
4............ Interpretation....................................................................................... 3
5............ What is contrary to the public interest................................................. 9
6............ Entering into an agreement or arrangement....................................... 10
7............ Associates......................................................................................... 10
8............ Proposals to acquire shares or assets................................................ 12
9............ Meaning of entitled to acquire.......................................................... 12
10.......... Meaning of interest in an asset......................................................... 12
11.......... Meaning of interest in a share.......................................................... 13
12.......... Certain interests in shares to be disregarded...................................... 14
13.......... Voting power.................................................................................... 15
14.......... Associate‑inclusive control interest in a company............................. 15
15.......... Direct control interests in a company................................................ 16
16.......... Power to appoint director.................................................................. 17
17.......... Deemed notices—options................................................................. 17
18.......... Application of Act............................................................................. 18
19.......... Severability....................................................................................... 18
Part 3—Control of acquisition or leasing of assets of Australian‑registered insurance companies 19
Division 1—Interpretation 19
35.......... Interpretation..................................................................................... 19
36.......... Meaning of trigger proposal—proposals to acquire or lease assets of Australian‑registered insurance companies 19
37.......... When trigger proposal carried out..................................................... 22
Division 2—Notification 23
38.......... Compulsory notification of trigger proposal..................................... 23
40.......... Trigger proposal must not be carried out before a go‑ahead decision is given 23
Division 3—Go‑ahead decisions 25
41.......... Unconditional or conditional go‑ahead decision................................ 25
Division 4—Permanent restraining orders and divestment orders 26
43.......... Permanent restraining order.............................................................. 26
44.......... Divestment order............................................................................... 26
45.......... Offence of contravening permanent restraining order or divestment order 27
46.......... Publication of orders......................................................................... 27
47.......... When orders come into operation...................................................... 28
48.......... Revocation of orders......................................................................... 28
Part 4—Control of agreements relating to the directorate of Australian‑registered insurance companies 29
Division 1—Interpretation 29
49.......... Interpretation..................................................................................... 29
50.......... Meaning of trigger proposal—agreements relating to the directorate of Australian‑registered insurance companies.......................................................................................................... 29
51.......... When trigger proposal carried out..................................................... 30
Division 2—Notification 32
52.......... Compulsory notification of trigger proposal..................................... 32
54.......... Trigger proposal must not be carried out before a go‑ahead decision is given 32
Division 3—Go‑ahead decisions 34
55.......... Unconditional or conditional go‑ahead decision................................ 34
Division 4—Permanent restraining orders and divestment orders 35
57.......... Permanent restraining order.............................................................. 35
58.......... Divestment order............................................................................... 35
59.......... Offence of contravening permanent restraining order or divestment order 36
60.......... Publication of orders......................................................................... 36
61.......... When orders come into operation...................................................... 36
62.......... Revocation of orders......................................................................... 36
Part 5—Judicial enforcement of Ministerial orders 38
63.......... Federal Court may enforce Ministerial orders................................... 38
Part 6—Anti‑avoidance 40
64.......... Anti‑avoidance.................................................................................. 40
Part 7—Decision‑making principles 41
65.......... Decision‑making principles............................................................... 41
Part 8—Review of decisions 42
66.......... Reconsideration of reviewable decision............................................ 42
67.......... Review of decisions by Administrative Appeals Tribunal................ 42
68.......... Statements to accompany notification of decisions............................ 43
Part 9—Miscellaneous 45
69.......... Delegation......................................................................................... 45
70.......... Concurrent operation of State/Territory laws.................................... 45
71.......... Validity of acts done in contravention of this Act............................. 45
72.......... Minister’s consent for criminal proceedings..................................... 45
73.......... Minister may obtain information and documents.............................. 45
75.......... APRA Act secrecy provisions apply................................................ 47
76.......... Conduct by directors, employees and agents..................................... 48
77.......... Company’s financial statements to be prima facie evidence of value of its assets 49
78.......... Company’s financial statements to be prima facie evidence of total net liabilities in respect of its contracts of life insurance........................................................................................... 50
79.......... Company’s financial statements to be prima facie evidence of its unearned premiums provision and its outstanding claims provision................................................................................ 50
80.......... Foreign Acquisitions and Takeovers Act 1975 and this Act to operate independently of each other 51
81.......... Transitional—pre‑commencement acquisitions etc............................ 52
82.......... Regulations....................................................................................... 52
(b) in relation to a company registered under section 21 of the Life Insurance Act 1995—the company’s financial year (within the meaning of that Act).
(b) a company registered under section 21 of the Life Insurance Act 1995;
(ii) was registered under section 21 of the Life Insurance Act 1995;
(a) if the company was registered under section 21 of the Life Insurance Act 1995 at the end of the last accounting period of the company before that date—the total net liabilities in respect of all of the company’s contracts of life insurance as at the end of that accounting period; or
(ii) the company is registered under section 21 of the Life Insurance Act 1995;
(1) A permanent restraining order comes into operation on the day on which it is published in the Gazette.
(b) give directions of a kind referred to in subsection 35(3) or (4) of the Administrative Appeals Tribunal Act 1975.
76 Conduct by directors, employees and agents
(a) that the conduct was engaged in by a director, employee or agent of the company within the scope of his or her actual or apparent authority; and
(2) Any conduct engaged in on behalf of a company by a director, employee or agent of the company within the scope of his or her actual or apparent authority is taken, for the purposes of a prosecution for an offence against this Act, to have been engaged in also by the company unless the company establishes that the company took reasonable precautions and exercised due diligence to avoid the conduct.
(4) Any conduct engaged in on behalf of a person other than a company (in this subsection called the employer) by an employee or agent of the employer within the scope of his or her actual or apparent authority is taken, for the purposes of a prosecution for an offence against this Act, to have been engaged in also by the employer unless the employer establishes that he or she took reasonable precautions and exercised due diligence to avoid the conduct.
(a) a company authorised under the Insurance Act 1973 to carry on insurance business, or a company registered under section 21 of the Life Insurance Act 1995, had, under the Financial Sector (Collection of Data) Act 2001, given to APRA copies of financial statements for, or as at the end of, a particular accounting period; and
(a) a company registered under section 21 of the Life Insurance Act 1995 had, under the Financial Sector (Collection of Data) Act 2001, given to APRA copies of financial statements for, or as at the end of, a particular accounting period; and
15 Mar 1992 (s 2(1) and gaz 1992, No S72)
Sch (items 22–35, Note about section headings): 1 July 1995 (s 2)
Sch 6: 30 June 1997 (s 2(1))
Sch 8: 1 July 1998 (s 2(2)(f))
Sch 2 (items 250–253, 418, 419): 24 May 2001 (s 2(3))
Sch 1 (item 29): 15 Dec 2001 (s 2(4))
Sch 3 (items 13, 14): 1 July 2002 (s 2(2))
Sch 2 (items 158–160): 1 July 2002 (s 2(2))
Sch 2 (item 160)
Sch 5: 27 June 2002 (s 2(1) item 5)
Sch 2 (item 11) and Sch 3: 1 July 2003 (s 2(1) item 2)
Sch 1 (item 218): 16 May 2005 (s 2(1) item 6)
Sch 4 (items 41, 42): 24 Sept 2007 (s 2(1) item 7)
Sch 14 (items 112–119): 10 Dec 2008 (s 2(1) item 36)
Sch 14 (item 119)
Sch 1 (items 209–214): 27 Feb 2010 (s 2(1) item 2)
Sch 6 (items 40, 41): 22 Sept 2012 (s 2(1) item 37)
Sch 1 (items 20, 21) and Sch 3 (items 102–106): 25 Mar 2015 (s 2(1) items 2, 10)
Sch 2 (item 228): 1 July 2016 (s 2(1) item 5)
Sch 8 (items 31, 32) and Sch 9: 1 July 2015 (s 2(1) items 19, 22)
am No 54, 1998; No 37, 2002
s 4 .......................................
am No 5, 1995; No 54, 1998; Nos 119 and 121, 2001; No 37, 2002; No 144, 2008; No 75, 2009
s 20–23................................
s 24 .....................................
am No 107, 1997
s 25 .....................................
s 26 .....................................
s 27 .....................................
s 28–30 ...............................
s 31 .....................................
s 32–34 ...............................
s 35 .....................................
am No 37, 2002
s 36 .....................................
am No 5, 1995; No 75, 2009
s 38 .....................................
s 39 .....................................
s 40 .....................................
s 41 .....................................
am No 107, 1997; No 37, 2002
s 42 .....................................
s 45 .....................................
am No 37, 2002; No 5, 2015
s 49 .....................................
s 52 .....................................
s 53 .....................................
s 54 .....................................
s 56 .....................................
s 59 .....................................
s 60 .....................................
am No 54, 1998; No 154, 2007
am No 54, 1998; No 42, 2003
s 73 .....................................
am No 107, 1997; No 137, 2000
s 74 .....................................
s 75 .....................................
am No 5, 1995
rs No 107, 1997; No 54, 1998
am No 31, 2001; No 5, 2015
s 77 .....................................
am No 5, 1995; No 54, 1998
rs No 121, 2001
am No 75, 2009
s 78 .....................................
s 81, 82................................