Document ID: chunk:federal_register_of_legislation:C2004A02846:body:0:p18
Version: federal_register_of_legislation:C2004A02846
Segment Type: other
Provision Reference: 
Character Range: 43410–46126

The Principal Act is amended as set out in Schedule 2.

Formal amendments
43. The Principal Act is amended as set out in Schedule 3.

Application of certain amendments
44. (1) An amendment made by paragraph 3 (e), section 15, paragraph 16 (1) (b), (c) or (e), section 19, sub-section 21 (1) or section 23, 25 or 26 does not apply in relation to a financial year of a body corporate that commenced before the commencement of the amendment.

(2) A provision of the Principal Act affected by an amendment referred to in sub-section (1) continues to apply, as in force before the amendment, in relation to a financial year referred to in that sub-section.
(3) For the purposes of the application of section 29 of the Principal Act in accordance with sub-section (2), that section has effect as if the following sub-sections were added (the existing section 29 becoming sub-section (1)):
"(2) The Commissioner or the Treasurer may, by notice in writing served on the body corporate, impose further conditions to which the authority of the body corporate is subject.
"(3) Subject to sub-section (5), where the authority of a body corporate is subject to a condition specified under paragraph (1) (g) or imposed under sub-section (2), and it appears at any time to the Commissioner or the Treasurer that the condition is no longer necessary or should be varied, the Commissioner or the Treasurer shall, by notice in writing served on the body corporate, revoke or vary the condition.
"(4) Subject to sub-section (5), where a body corporate whose authority is subject to a condition specified under paragraph (1) (g) or imposed under sub-section (2) applies to the Commissioner or the Treasurer, by notice in writing, for the condition to be revoked or varied, the Commissioner or the Treasurer shall—
     (a) if it appears to him that the condition is no longer necessary or should be varied—revoke or vary the condition; or
     (b) in any other case—refuse to revoke or vary the condition, and shall serve on the body corporate notice in writing of his decision.
"(5) The Commissioner is not empowered by sub-section (3) or (4) to revoke or vary a condition specified, imposed or varied by the Treasurer.
"(6) Part VI applies to a decision made by the Treasurer or the Commissioner under this section after the commencement of section 15 of the Insurance Amendment Act 1983.
"(7) In this section, unless the contrary intention appears, 'condition' includes, where a condition is varied, the condition as varied.".

PART III—INTERIM PROVISIONS

Interpretation
45. (1) In this Part—
     "prescribed body corporate" means a body corporate authorized under the Insurance Act 1973 to carry on insurance business which lodges