Commonwealth Consolidated Acts

INSURANCE ACQUISITIONS AND TAKEOVERS ACT 1991 - SECT 58

             (1)  If:

                     (a)  a person or company carries out a trigger proposal; and

                     (b)  the Minister is satisfied that the agreement or alteration is contrary to the public interest;

the Minister may, for remedial purposes, make an order (in this Part called a divestment order ) directing specified persons to do within a specified time, or refrain from doing, specified acts or acts of a specified kind.

             (2)  Before the end of the time specified in a divestment order applicable to a person (including that time as extended under this subsection), the Minister may, by notice in writing served on the person, vary the order by extending or further extending that time.

             (3)  If:

                     (a)  a person or company is given written advice of a go‑ahead decision before the end of 10 days after the day on which the decision is made; and

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

the Minister must not make a divestment order in relation to the proposal unless:

                     (c)  the person or company is convicted of a breach of condition offence in relation to the agreement or alteration; or

                     (d)  an order is made under section 19B of the Crimes Act 1914 in relation to the person or company in respect of a breach of condition offence in relation to the agreement or alteration.