Document ID: chunk:federal_register_of_legislation:C2018A00010:clause:3_45
Version: federal_register_of_legislation:C2018A00010
Segment Type: clause
Provision Reference: sch 3 cl 45
Character Range: 285046–285678

45  Subsection 172(5)
Repeal the subsection, substitute:
 (5) At the time when an order cancelling the judicial management of the life company comes into force:
 (a) the judicial manager ceases to have the powers and functions of an officer of the life company; and
 (b) the board of directors or other governing body of the life company starts to have those powers; and
 (c) if the company is an eligible foreign life insurance company and there is a committee of the company that satisfies the requirements mentioned in subsections 16ZF(1) and (2)—the members of the committee start to have the powers mentioned in that section.