Document ID: chunk:federal_register_of_legislation:C2004A02846:body:0:p10
Version: federal_register_of_legislation:C2004A02846
Segment Type: other
Provision Reference: 
Character Range: 23145–25874

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 in respect of liabilities.
"(3) For the purposes of this Act, the Commissioner may, at any time, if he thinks fit, by notice in writing served on a body corporate carrying on insurance business, direct that the body corporate shall, within a specified period, not being less than 21 days, after the giving of the direction, make in its accounts provision, or further provision—
     (a) of a specified amount; or
     (b) of an amount determined in a specified manner,
in respect of liabilities.
"(3a) Part VI applies to a decision of the Commissioner under this section.
"(3b) Where a direction has been given to a body corporate under sub-section (3) and it appears at any time to the Commissioner that the direction is no longer necessary or should be varied, the Commissioner shall, by notice in writing served on the body corporate, revoke or vary the direction.
"(3c) Where a body corporate to which a direction has been given under sub-section (3) applies to the Commissioner, by notice in writing, for the direction to be revoked or varied, the Commissioner shall—
     (a) if it appears to him that the direction is no longer necessary or should be varied—revoke or vary the direction; or
     (b) in any other case—refuse to revoke or vary the direction,
and shall serve on the body corporate notice in writing of his decision.
"(3d) The powers of the Commissioner under this section are in addition to, and do not derogate from, the powers of the Commissioner or of the Treasurer under Part V.
"(3e) Where a body corporate in respect of which a direction has been given under sub-section (3) is commenced to be wound up, the direction ceases to have effect.
"(3f) A body corporate that fails to comply with a direction given to it under sub-section (3) is, in respect of each day during which it so fails to comply with the direction (including the day of a conviction

    under this sub-section or any subsequent day), guilty of an offence punishable on conviction by a fine not exceeding $10,000."; and
     (c) by adding at the end thereof the following sub-section:
    "(5) In this section, unless the contrary intention appears, 'direction' includes, where a direction is varied, the direction as varied.".

Valuation of assets
18. Section 33 of the Principal Act is amended—
     (a) by omitting from sub-section (3) ", (5)";
     (b) by omitting from sub-section (4) "(not being approved securities referred to in sub-section