Document ID: chunk:federal_register_of_legislation:C2025C00135:section:230b:p5
Version: federal_register_of_legislation:C2025C00135
Segment Type: section
Provision Reference: s 230B (pt 5/6)
Character Range: 441287–443842

the following:
 (a) a direction that the company act in a way so as to ensure that:
 (i) a particular asset, or a particular class of assets, of the company is returned to the control (however described) of the part of the company's life insurance business that is carried on in Australia; or
 (ii) a particular liability, or a particular class of liabilities, of the company ceases to be the responsibility (however described) of the part of the company's life insurance business that is carried on in Australia;
 (b) a direction that the company not act in a way that has the result that:
 (i) a particular asset, or a particular class of assets, of the company ceases to be under the control (however described) of the part of the company's life insurance business that is carried on in Australia; or
 (ii) a particular liability, or a particular class of liabilities, of the company becomes the responsibility (however described) of the part of the company's life insurance business that is carried on in Australia.
 (3B) The kinds of direction that may be given as mentioned in subsection (2) are not limited by any other provision in this Part.
 (3C) The kinds of direction that may be given as mentioned in a particular paragraph of subsection (2) are not limited by any other paragraph of that subsection.
 (4) The direction may deal with the time by which, or period during which, it is to be complied with.
 (5) The body corporate has power to comply with the direction despite anything in its constitution or any contract or arrangement to which it is a party.
 (6) APRA may, by notice in writing to the body corporate, vary the direction if, at the time of the variation, it considers that the variation is necessary or appropriate.
 (6A) If the direction requires the body corporate to cause a subsidiary to do, or to refrain from doing, an act or thing:
 (a) the body corporate has power to cause the subsidiary to do, or to refrain from doing, the act or thing; and
 (b) the subsidiary has power to do, or to refrain from doing, the act or thing;
despite anything in the subsidiary's constitution or any contract or arrangement to which the subsidiary is a party.
 (7) APRA may, by notice in writing to the body corporate, revoke the direction if, at the time of the revocation, it considers that the direction is no longer necessary or appropriate.
 (8) The direction ceases to have effect if:
 (a) APRA revokes it under subsection (7); or
 (b) the Court orders that the company be wound up; or
 (c) for a body corporate that is a friendly