Document ID: chunk:federal_register_of_legislation:C2004A02846:body:0:p9
Version: federal_register_of_legislation:C2004A02846
Segment Type: other
Provision Reference: 
Character Range: 20728–23428

29 of the Principal Act or of that section as having effect by virtue of sub-section 44 (3) of this Act, the condition has effect on and after that date as if it had been specified or imposed by the Treasurer or the Commissioner, as the case may be, under section 29 of the Principal Act as amended by this Act.

Assets
16. Section 30 of the Principal Act is amended—
     (a) by omitting from paragraph (1) (c) "mortgaged or" (wherever occurring);
     (b) by inserting after paragraph (1) (c) the following paragraph:
        "(ca) where the whole or part of the undertaking, business or property of the body corporate is subject to a floating charge, that undertaking, business or property to the extent that it is so subject;";
     (c) by omitting from paragraph (1) (e) "six" and substituting "3";
     (d) by inserting after sub-section (2) the following sub-sections:
    "(2a) The Commissioner shall, in exercising his power of approval under sub-section (2) in relation to a loan to, debenture of, or a share in, a related body corporate made or held by a body corporate, have regard to all matters that he considers relevant and, in particular, to the following matters:
        (a) the proportion that the value of the loan, debenture or share, together with the aggregate value of all other loans to, debentures of, and shares in, the related body corporate made or held by the body corporate, whether approved under sub-section (2) or not, bears to the value of the assets of the body corporate not consisting of loans to, debentures of, or shares in, the related body corporate;
        (b) the proportion that the value of the loan, debenture or share bears to the value of the assets of the related body corporate;
        (c) the nature, and the degree of diversity, of the assets of the body corporate;
        (d) the nature, and the degree of diversity, of the assets of the related body corporate;
        (e) the nature of the business carried on by the related body corporate.
    "(2b) For the purposes of sub-section (2a), the value of a loan, debenture or share that is not an asset within the meaning of this Part shall be determined as if it were such an asset."; and
        (e) by omitting from sub-section (3) "six months but not more than twelve months" and substituting "3 months but not more than 9 months".

Liabilities
17. Section 31 of the Principal Act is amended—
     (a) by omitting from sub-section (1) "provisions" and substituting "provision";
     (b) by omitting sub-sections (2) and (3) and substituting the following sub-sections:
"(2) For the purposes of this Act, a body corporate carrying on insurance business shall make in its accounts provision