INSURANCE ACQUISITIONS AND TAKEOVERS ACT 1991 No. 6 of 1992 - SECT 30 Divestment order

INSURANCE ACQUISITIONS AND TAKEOVERS ACT 1991 No. 6 of 1992 - SECT 30

30. (1) If:

   (a)  a person or company has carried out a trigger proposal; and

   (b)  the Minister is satisfied that the result of the trigger proposal is
        contrary to the public interest;
the Minister may make an order (in this Part called a "divestment order")
directing a person acquiring the shares to dispose of those shares within a
specified time to a person, or to any of the persons, approved in writing by
the Minister.

(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) The Minister must not refuse to approve a person for the purposes of
subsection (1) unless the Minister is satisfied that it would be contrary to
the public interest for that person to acquire the shares concerned.

(4) 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 acquisition or
        issue unless:

   (c)  the person or company is convicted of a breach of condition offence in
        relation to the acquisition or issue; 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 acquisition or issue.