Document ID: chunk:federal_register_of_legislation:F2015L01036:body:0:p5
Version: federal_register_of_legislation:F2015L01036
Segment Type: other
Provision Reference: 
Character Range: 10399–13150

varied by the meeting and the external manager is not satisfied that the varied deed is, in the circumstances, still protective of the interests of the policy holders of the fund; or
           (b)          the deed limits the rights of a creditor or creditors unless, in the opinion of the external manager, the fund is insolvent or likely to become insolvent at some future time.
(3)   For paragraph (2) (b), a deed will be taken to limit the rights of a creditor or creditors if it involves:
           (a)          removing or limiting the right of a creditor to the payment of a debt or other liability, or removing or limiting a creditor's entitlement to an asset; or
           (b)          delaying the right of a creditor to make or enforce a claim for the payment of a debt or other liability, or delaying the right of a creditor to make or enforce the creditor's entitlement to an asset.

10.        Actions APRA may take
(1)   If APRA is satisfied that the execution of the deed as recommended in the report of the external manager will, in the circumstances, be in the interests of policy holders of the fund, APRA must, by written notice:
           (a)          inform the external manager that it approves the execution of the deed; and
           (b)          request the preparation of the deed for execution.
(2)   If APRA is not satisfied that the execution of the deed as recommended in the report of the external manager will be, in the circumstances, in the interests of policy holders of the fund, APRA must, by written notice:
           (a)          inform the external manager to that effect; and
           (b)          request that the external manager:
              (i)            seek another meeting of the creditors to consider a further voluntary deed of arrangement; or

              (ii)         examine other possible courses of action,

and, on the basis of that further meeting or examination, to make a further report to APRA under section 59 of the Act within a time specified by APRA.
(3)   If the external manager provides a further report to APRA in accordance with paragraph (2) (b), this rule, other than subparagraph (2) (b) (i), applies in respect of that report as if it were the original report of the external manager.

Part 3 – Modifications of terms in applied Corporations Act provisions

11.        Modifications
For subparagraph 50 (1) (b) (ii) and subsection 55 (2) of the Act, if an applied Corporations Act provision includes a term specified in rule 12, the provision applies as if a reference to the specified term were a reference to the term as modified by rule 12.

12.        Specified terms
(1)   The following terms are modified as set out in this rule:
(a)          board of the