Document ID: chunk:federal_register_of_legislation:C2025C00014:section:121ac
Version: federal_register_of_legislation:C2025C00014
Segment Type: section
Provision Reference: s 121AC
Character Range: 1019144–1019990

121AC  Mutual affiliate company
 (1) A mutual affiliate company is a company that satisfies the following conditions:
 (a) it is limited by guarantee;
 (b) it is not an insurance company;
 (c) at least 75% of the policyholders of a mutual insurance company are members of it;
 (d) it did not divide its profits among its members during the 10 years ending on 9 May 1995;
 (e) on a winding‑up, its profits are not divisible among its members in their capacity as such.
 (2) If the company is a mutual entity (within the meaning of the Corporations Act 2001) then, for the purposes of subsection (1), disregard the following:
 (a) any MCIs (within the meaning of that Act) issued by the company;
 (b) any dividends or profits paid or payable in respect of such MCIs;
 (c) any members of the company who are members by virtue of holding such MCIs.