Document ID: chunk:federal_register_of_legislation:C2025C00014:section:121ad
Version: federal_register_of_legislation:C2025C00014
Segment Type: section
Provision Reference: s 121AD
Character Range: 1019990–1020889

121AD  Demutualisation and demutualisation resolution day
 (1) A mutual insurance company demutualises if it ceases to be a mutual insurance company:
 (a) in any case—other than by ceasing to be an insurance company; or
 (b) if it is a life insurance company—because the whole of its life insurance business is transferred to another company under a scheme confirmed by the Federal Court of Australia.
 (2) A mutual affiliate company demutualises if it ceases to be a mutual affiliate company other than by ceasing to be a company.
 (3) The demutualisation resolution day, in relation to the demutualisation of a company, is:
 (a) if paragraph (b) does not apply—the day on which the resolution to proceed with the demutualisation is passed; or
 (b) if paragraph (1)(b) applies to the demutualisation—the day on which the transfer of the whole of the company's life insurance business takes place.