INCOME TAX ASSESSMENT ACT 1936

PART III - LIABILITY TO TAXATION  

Division 9AA - Demutualisation of insurance companies and affiliates  

Subdivision B - Key concepts and related definitions  

SECTION 121AD   DEMUTUALISATION AND DEMUTUALISATION RESOLUTION DAY  

121AD(1)   [Demutualisation of mutual insurance company]  

A mutual insurance company demutualises if it ceases to be a mutual insurance company:


(a) in any case - other than by ceasing to be an insurance company; or


(b) if it is a life insurance company - because the whole of its life insurance business is transferred to another company under a scheme confirmed by the Federal Court of Australia.

121AD(2)   [Demutualisation of mutual affiliate company]  

A mutual affiliate company demutualises if it ceases to be a mutual affiliate company other than by ceasing to be a company.

121AD(3)   [Demutualisation resolution day]  

The demutualisation resolution day , in relation to the demutualisation of a company, is:


(a) if paragraph (b) does not apply - the day on which the resolution to proceed with the demutualisation is passed; or


(b) if paragraph (1)(b) applies to the demutualisation - the day on which the transfer of the whole of the company's life insurance business takes place.


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