Taxation Laws Amendment Act (No. 2) 2004 (20 of 2004)
Schedule 6 Demutualisation of friendly societies
Income Tax Assessment Act 1936
2 At the end of subsection 121AB(1)
(c) that satisfies all of the following conditions:
(i) at 7.30 pm, by legal time in the Australian Capital Territory, on 9 May 1995, it was a friendly society (within the meaning of this Act as in force at that time);
(ii) it was an insurance company on 1 July 1999;
(iii) it does not have capital divided into shares held by its members.