Document ID: chunk:federal_register_of_legislation:C2004C01110:clause:8_11:p1
Version: federal_register_of_legislation:C2004C01110
Segment Type: clause
Provision Reference: sch 8 cl 11 (pt 1/3)
Character Range: 287793–290391

11  Companies taken to be registered etc.

(1) A company (within the meaning of the amended Act) in relation to which all the following conditions are satisfied is taken, on the transfer date, to have been granted registration under section 21 of the amended Act:
 (a) immediately before the transfer date, the company was a friendly society;
 (b) the company carried on business before the transfer date through one or more eligible benefit funds;
 (c) the company was not in winding up immediately before the transfer date;
 (d) the company is specified in regulations for the purposes of this item.
For the purposes of paragraph (c), a company was in winding up immediately before the transfer date if, at that time, an appointment of a liquidator of the company was in force in accordance with Part 9 of the Friendly Societies Code of a State or Territory.

Note 1: A company may be specified by name, by inclusion in a specified class or in some other way.

Note 2: If the company was in winding up immediately before the transfer date, the winding up will continue in accordance with Schedule 4 to the Corporations Law (see in particular clause 11 of that Schedule).

(2) APRA must, as soon as practicable after the transfer date, issue to the company a certificate under subsection 21(5) of the amended Act.

(3) The registration may be dealt with under the amended Act as if it had actually been granted under section 21 of that Act.

(4) The regulations may provide for the company to cease to be registered. Regulations for this purpose have effect in addition to the provisions in sections 26 and 27 of the amended Act about cancellation of a company's registration.

(5) If, immediately before the transfer date, the company carried on business:
 (a) that was:
 (i) insurance business, other than health insurance business or business relating to loss of, or damage to, property; or
 (ii) annuity business; and
 (b) that, apart from this item, would not be life insurance business (within the meaning of the amended Act);
APRA is taken, on the transfer date, to have made a declaration under section 12A of the amended Act that the business is to be treated as if it were life insurance business.

(6) If, immediately before the transfer date, the company carried on business:
 (a) to which section 12B of the amended Act would have applied if it had been in force then; and
 (b) that, apart from this item, would not be life insurance business (within the meaning of the amended Act);
APRA is taken, on the transfer date, to have made a declaration under section 12B of the amended Act