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INCOME TAX ASSESSMENT ACT 1936 - SECT 121AD Demutualisation and demutualisation resolution day

INCOME TAX ASSESSMENT ACT 1936 - SECT 121AD

Demutualisation and demutualisation resolution day

  (1)   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.

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

  (3)   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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