Document ID: chunk:federal_register_of_legislation:C2012C00388:clause:4_17:p2
Version: federal_register_of_legislation:C2012C00388
Segment Type: clause
Provision Reference: sch 4 cl 17 (pt 2/2)
Character Range: 48818–50776

transferred amount:
 (i) the amount is transferred from an account of the demutualised company consisting of shareholders' capital (within the meaning of the Life Insurance Act 1995) in relation to a statutory fund (within the meaning of that Act);
 (ii) the amount was part of such an account at the time of the demutualisation; and
 (g) if subparagraph (e)(ii) applies—the amount is transferred from a capital reserve created at the time of or in connection with the demutualisation;
the following provisions have effect:
 (h) if the sum of:
 (i) the transferred amount; and
 (ii) all amounts that were previously transferred to the demutualised company's share capital account, from another account of the demutualised company, as described in paragraphs (c) to (g); and
 (iii) if the demutualisation method was the method specified in section 121AH, 121AI, 121AJ, 121AK or 121AL—all amounts that were previously transferred to the issuing company's share capital account, from another account of the issuing company, as described in paragraphs (c) to (g); and
 (iv) all amounts that were previously transferred, in connection with the demutualisation, to the share capital account of the issuing company (within the meaning of subsection (4A)) as described in paragraphs (4A)(b) to (e), or to its retained profit account as described in subparagraph (4A)(f)(iii);
  does not exceed the listing day company valuation amount (as defined in subsection (6)), subsection (1) does not apply to the transferred amount;
 (i) if the sum of the amounts referred to in paragraph (h) exceeds the listing day company valuation amount (as defined in subsection (6)), subsection (1) applies only to the excess.

Note: If there are several transfers of amounts to the share capital account of the demutualised company or the issuing company, this subsection must be applied separately in relation to each transferred amount, in the order in which the transfers are made.