Commonwealth Numbered Acts

INSURANCE AMENDMENT ACT 1977 No. 31 of 1977 - SECT 29

29. Section 107 of the Principal Act is amended by omitting sub- section (2)
and substituting the following sub-section:-

''(2) A body corporate is not guilty of an offence against sub-section 21 (2)
by reason only that it is carrying on business for the purpose of discharging
liabilities assumed by it before-

   (a)  in the case of a body corporate that-

        (i)    carried on insurance business in Australia immediately before
               the date of commencement of section 21;

        (ii)   made an application under Part III for an authority to carry on
               insurance business within the period of 3 months after the date
               referred to in sub-paragraph (i); and

        (iii)  has withdrawn the application or been refused an authority
               under section 27,

the date of that withdrawal or refusal; or

   (b)  in the case of any other body corporate-the date of commencement of
        section 21.''.