Document ID: chunk:federal_register_of_legislation:C2025C00014:section:121at:p5
Version: federal_register_of_legislation:C2025C00014
Segment Type: section
Provision Reference: s 121AT (pt 5/5)
Character Range: 1116030–1117588

demutualisation resolution day:
     (a) in the case of any demutualisation method—the general insurance company or any wholly‑owned subsidiary of the general insurance company; or
     (b) in the case of demutualisation method 7—the mutual affiliate company, a wholly‑owned subsidiary of the mutual affiliate company, or a company all of whose shares are beneficially owned by the general insurance company and the mutual affiliate company;
    has a franking surplus.

   13 A resolution is passed to proceed with the demutualisation of a mutual insurance company or both a mutual insurance company and a mutual affiliate company. A dividend that was declared before the demutualisation resolution day is paid on or after the demutualisation resolution day to:                                                                                                                                                                                                                                              No franking credit arises for the company or the subsidiary in relation to the payment of the dividend on or after the demutualisation resolution day.
     (a) in the case of any demutualisation method—the mutual insurance company or any wholly‑owned subsidiary of the mutual insurance company; or
     (b) in the case of demutualisation method 7—the mutual affiliate company, a wholly‑owned subsidiary of the mutual affiliate company, or a company all of whose shares are beneficially owned by the general insurance company and the mutual affiliate company.