Document ID: chunk:federal_register_of_legislation:C2025C00029:section:11:p19
Version: federal_register_of_legislation:C2025C00029
Segment Type: section
Provision Reference: s 11 (pt 19/64)
Character Range: 3341597–3344416

Division from applying to so much of the transferred amount as equals the lesser of the transferred amount and the amount of the excess.
Note: If there are several transfers of amounts to the issuing company's share capital account, this section must be applied separately in relation to each transferred amount, in the order in which the transfers are made.
 (3) The listing day company valuation amount has the same meaning as it has for the purposes of table 1 in section 121AS of the Income Tax Assessment Act 1936, as that table applies in relation to the demutualising company (see note 3 to that table).

197‑37  Exclusion for transfers made in connection with demutualisations of private health insurers
 (1) Subject to subsection (2), this Division does not apply to the transferred amount if:
 (a) the amount is transferred in connection with a demutualisation of a company; and
 (b) Division 315 (about demutualisations of private health insurers) applies to the demutualisation; and
 (c) the company (the issuing company) to whose *share capital account the amount is transferred is either:
 (i) the demutualising health insurer; or
 (ii) the company mentioned in subparagraph 315‑85(1)(a)(iii) issuing shares that are assets covered by section 315‑85 (demutualisation assets).
 (2) Subsection (1) does not stop this Division from applying to so much, if any, of the transferred amount as exceeds the sum of the amounts worked out under subsection (3) for each demutualisation asset that is a share issued:
 (a) by the issuing company under the demutualisation; and
 (b) to an entity that is either:
 (i) covered by section 315‑90 (about participating policy holders); or
 (ii) the trustee of a trust covered by Subdivision 315‑C (about the lost policy holders trust).
 (3) The amount worked out under this subsection for a share is:
 (a) the *market value of the share on the day it is issued; or
 (b) if the share is in a company covered by subparagraph 315‑85(1)(a)(iii) that owns other assets in addition to the shares in the demutualising health insurer—worked out using the method statement in subsection 315‑210(2).

197‑38  Exclusion for transfers connected with demutualisations of friendly society health or life insurers
 (1) Subject to subsection (2), this Division does not apply to the transferred amount if:
 (a) the amount is transferred in connection with a demutualisation of a company; and
 (b) Division 316 (about demutualisations of friendly society health and life insurers) applies in relation to the demutualisation; and
 (c) the company (the issuing company) to whose *share capital account the amount is transferred is either:
 (i) the *friendly society described in that Division; or
 (ii) the company that owns all the shares in the friendly society.
 (2) Subsection (1) does not