Commonwealth Consolidated Acts

INSURANCE ACQUISITIONS AND TAKEOVERS ACT 1991 - SECT 55

             (1)  The Minister may make a decision (in this Part called a go‑ahead decision ) that the Commonwealth Government has no objection to a trigger proposal, either:

                     (a)  unconditionally; or

                     (b)  so long as the person or company concerned complies with such conditions as the Minister considers are necessary in order that the proposal, if carried out, will not be contrary to the public interest.

             (2)  If the Minister makes a go‑ahead decision, the person or company must be given written advice of the decision, and of the conditions (if any) applicable to the decision, before the end of 10 days after the day on which the decision is made.

             (3)  If:

                     (a)  the person or company is given written advice of the go‑ahead decision within the period of 10 days; and

                     (b)  the person or company carries out the proposal; and

                     (c)  the decision is subject to conditions; and

                     (d)  the person or company does not comply with the conditions;

the person or company is guilty of an offence punishable on conviction by imprisonment for a period not exceeding 2 years.

Note:          Subsection 4B(2) of the Crimes Act 1914 allows a court to impose an appropriate fine instead of, or in addition to, a term of imprisonment. If a body corporate is convicted of an offence, subsection 4B(3) of that Act allows a court to impose a fine of an amount that is not greater than 5 times the maximum fine that could be imposed by a court on an individual convicted of the same offence.

             (4)  If the Minister makes a go‑ahead decision in relation to a trigger proposal, the Minister is not empowered to make a permanent restraining order in relation to the trigger proposal.