Document ID: chunk:federal_register_of_legislation:C2018A00010:clause:2_50
Version: federal_register_of_legislation:C2018A00010
Segment Type: clause
Provision Reference: sch 2 cl 50
Character Range: 145595–146202

50  Subsection 62ZF(5)
Repeal the subsection, substitute:
 (5) At the time when an order cancelling the judicial management of the general insurer comes into force:
 (a) the judicial manager ceases to have the powers and functions of an officer of the general insurer; and
 (b) the board of directors or other governing body of the general insurer starts to have those powers; and
 (c) if the general insurer is a foreign general insurer and there is a person appointed as an agent of the general insurer for the purposes of section 118—the person starts to have the powers and functions of such an agent.