Document ID: chunk:federal_register_of_legislation:C2012C00862:clause:2_103d
Version: federal_register_of_legislation:C2012C00862
Segment Type: clause
Provision Reference: sch 2 cl 103D
Character Range: 71106–72260

103D  Compliance with a recapitalisation direction

Giving members of the general insurer notice of share issue etc.
 (1) As soon as practicable after a general insurer issues shares, rights to acquire shares, or other capital instruments, in compliance with a recapitalisation direction, the insurer must give written notice to the persons who were members (under section 231 of the Corporations Act 2001) of the insurer just before the issue.
 (2) The notice must:
 (a) identify the issue; and
 (b) explain the effect of the issue of the shares, rights to acquire shares, or other capital instruments on the members' interests.

Issue of shares etc. despite other laws etc.
 (3) A general insurer may issue shares, rights to acquire shares, or other capital instruments, in compliance with a recapitalisation direction despite:
 (a) the Corporations Act 2001; and
 (b) the insurer's constitution; and
 (c) any contract or arrangement to which the insurer is a party; and
 (d) any listing rules (as defined in section 761A of the Corporations Act 2001) of a financial market (as defined in that section) in whose official list the insurer is included.