Document ID: chunk:federal_register_of_legislation:C2025C00014:section:121ak
Version: federal_register_of_legislation:C2025C00014
Segment Type: section
Provision Reference: s 121AK
Character Range: 1033490–1034681

121AK  Demutualisation method 6
 (1) Under demutualisation method 6, in connection with the implementation of the demutualisation of a life insurance company:
 (a) all membership rights in the company are extinguished; and
 (b) the whole of the life insurance business of the company is, under a scheme confirmed by the Federal Court of Australia, transferred to another company formed for the purpose; and
 (c) shares (the ordinary shares) of only one class in the other company are:
 (i) issued, at the election of each person in the policyholder/member group, to the person or to a trustee to sell on behalf of the person; or
 (ii) issued to a trustee, at the election of each person in the policyholder/member group, to distribute to the person or to sell on behalf of the person; and
 (d) the trustee sells the ordinary shares and distributes the proceeds of sale to the person or distributes the ordinary shares to the person; and
 (e) the ordinary shares are listed within the listing period.
Note: Other things may also happen in connection with the implementation of the demutualisation.
 (2) The following diagram shows the main events, where this demutualisation method is used.