Commonwealth Consolidated Acts

INSURANCE ACQUISITIONS AND TAKEOVERS ACT 1991 - SECT 50

                   If:

                     (a)  either of the following subparagraphs applies:

                              (i)  one or more persons propose to enter into an agreement in relation to an Australian‑registered insurance company;

                             (ii)  it is proposed to alter a constituent document of an Australian‑registered insurance company; and

                     (b)  under the proposed agreement or in consequence of the proposed alteration:

                              (i)  one or more directors of the Australian‑registered insurance company will be accustomed or under an obligation, whether formal or informal, to act in accordance with the directions, instructions or wishes of:

                                        (A)  a person whose associate‑inclusive control interest in the company is 15% or more, being a person acting alone or together with one or more associates; or

                                        (B)  an associate of such a person; or

                             (ii)  either:

                                        (A)  a person whose associate‑inclusive control interest in the company is 15% or more, being a person acting alone or together with one or more associates; or

                                        (B)  an associate of such a person;

                                   will have the power to appoint or remove one or more directors of the Australian‑registered insurance company;

the proposal is a trigger proposal for the purposes of this Part.