Document ID: chunk:federal_register_of_legislation:C2025C00135:section:61
Version: federal_register_of_legislation:C2025C00135
Segment Type: section
Provision Reference: s 61
Character Range: 162147–164910

61  Interpretation
 (1) In this Part:
Australian policy owners' retained profits, in relation to a statutory fund at a particular time, means the total of:
 (a) the starting amount; and
 (b) the total of the amounts allocated, before that time, under paragraph 60(1)(a);
less:
 (c) the total of the amounts referred to in paragraphs (a) and (b) distributed before that time; and
 (d) the total of the amounts allocated, before that time, under paragraph 60(2)(a).
overseas policy owners' retained profits, in relation to a statutory fund at a particular time, means the total of:
 (a) the starting amount; and
 (b) the total of the amounts allocated, before that time, under paragraph 60(1)(c);
less:
 (c) the total of the amounts referred to in paragraphs (a) and (b) distributed before that time; and
 (d) the total of the amounts allocated, before that time, under paragraph 60(2)(c).
shareholders' capital, in relation to a statutory fund at a particular time, means the total of:
 (a) the starting amount; and
 (b) the total amount of capital payments allocated, before that time, under subsection 59(5);
less the total of the amounts referred to in paragraphs (a) and (b) distributed before that time.
shareholders' retained profits (Australian participating), in relation to a statutory fund at a particular time, means the total of:
 (a) the starting amount; and
 (b) the total of the amounts allocated, before that time, under paragraph 60(1)(b);
less:
 (c) the total of the amounts referred to in paragraphs (a) and (b) distributed before that time; and
 (d) the total of the amounts allocated, before that time, under paragraph 60(2)(b).
shareholders' retained profits (overseas and non‑participating), in relation to a statutory fund at a particular time, means the total of:
 (a) the starting amount; and
 (b) the total of the amounts allocated, before that time, under paragraphs 60(1)(e) and (f);
less:
 (c) the total of the amounts referred to in paragraphs (a) and (b) distributed before that time; and
 (d) the total of the amounts allocated, before that time, under paragraphs 60(2)(e) and (f).
starting amount, for the purposes of a definition in this section, means the amount ascertained in accordance with prudential standards made for the purposes of the definition.
 (2) In its application to a company other than a company limited only by shares, a provision of this Division that includes the expression "share holders'" is to be read as follows:
 (a) the provision is to be read as if "members'" were substituted for "shareholders'";
 (b) in the case of subsection 62(1), the resulting reference to "members' funds" is to be read as a reference to an account of the company representing funds that are not assets of a statutory fund.