Document ID: chunk:federal_register_of_legislation:C2025C00014:section:121ae:p2
Version: federal_register_of_legislation:C2025C00014
Segment Type: section
Provision Reference: s 121AE (pt 2/3)
Character Range: 1023505–1026303

has the right to shares or the proceeds of the sale of shares in respect of the policy or policies held by the trustee;
 (e) in any case—each person who satisfies the following requirements:
 (i) the person is the member of a single‑member superannuation fund;
 (ii) the trustee of the fund holds a policy or policies in the mutual insurance company;
 (iii) in connection with the demutualisation, the person, rather than the trustee, has the right to shares or the proceeds of the sale of shares in respect of the policy or policies held by the trustee.
 (5) The policyholder/member group, in relation to the demutualisation of a mutual insurance company and a mutual affiliate company under demutualisation method 7, consists of the following persons:
 (a) if the mutual insurance company is covered by paragraph 121AB(1)(a)—policyholders (other than trustees covered by paragraph (e) or (f)) in the mutual insurance company immediately before the demutualisation;
 (b) in the case of any other mutual insurance company—members (other than trustees covered by paragraph (e) or (f)) of the company immediately before the demutualisation;
 (c) members (other than trustees covered by paragraph (e) or (f)) of the mutual affiliate company immediately before the demutualisation;
 (d) any of the following who, in connection with the demutualisation, are entitled to the same rights to shares or the proceeds of the sale of shares as the members:
 (i) employees of the mutual insurance company, the mutual affiliate company or a wholly‑owned subsidiary of either company;
 (ii) persons who ceased to be such members before the demutualisation;
 (iii) charities;
 (iv) persons who are entitled to the rights because of the death of members;
 (e) in any case—each person who satisfies the following requirements:
 (i) the person is a member of a regulated superannuation fund (as defined by section 19 of the Superannuation Industry (Supervision) Act 1993), other than a standard employer‑sponsored member (as defined by subsection 16(5) of that Act);
 (ii) the trustee of the fund holds a policy or policies in the mutual insurance company;
 (iii) the trustee of the fund is a company that is a wholly‑owned subsidiary of the mutual insurance company;
 (iv) the person's benefits in the fund consist of the proceeds of the policy or policies;
 (v) in connection with the demutualisation, the person, rather than the trustee, has the right to shares or the proceeds of the sale of shares in respect of the policy or policies held by the trustee;
 (f) in any case—each person who satisfies the following requirements:
 (i) the person is the member of a single‑member superannuation fund;
 (ii) the trustee of the fund holds a policy or policies in the mutual insurance company;
 (iii) in connection with