Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 316.5

                   This Division applies in relation to a demutualisation of a * friendly society if:

                     (a)  the society is, or has a * wholly-owned subsidiary (a health/life insurance subsidiary ) that is:

                              (i)  a private health insurer as defined in the Private Health Insurance Act 2007 ; or

                             (ii)  a company registered under section 21 of the Life Insurance Act 1995 ; and

                     (b)  the society does not have capital divided into * shares held by its * members; and

                     (c)  after the demutualisation the society is to be carried on for the object of securing a profit or pecuniary gain for its * members.

Guide to Subdivision 316-B