Commonwealth Numbered Acts

INSURANCE ACQUISITIONS AND TAKEOVERS ACT 1991 No. 6 of 1992 - SECT 39

39. If:

   (a)  before the acquisition, or before entering into the arrangement, as
        the case may be, the person concerned gave to the Minister a notice in
        the prescribed form stating the person's intention to acquire the
        assets, interests, rights or benefits or to enter into the
        arrangement, as the case requires; and

   (b)  30 days pass after the day on which the Minister receives the notice
        and by the end of that period:

   (i)  the Minister has not:

                (A)  made a go-ahead decision in relation to the proposal
                     specified in the notice, being a decision of which
                     written advice is given to the person before the end of
                     10 days after the day on which the decision is made; or

                (B)  made a temporary restraining order or a permanent
                     restraining order in relation to the acquisition or
                     arrangement specified in the notice, being an order
                     published in the Gazette before the end of 10 days after
                     the day on which the order is made; and

   (ii) the person has not carried out the proposal; the Minister is not
        empowered:

   (c)  to make a temporary restraining order, a permanent restraining order
        or a divestment order in relation to the acquisition or arrangement,
        as the case requires; or

   (d)  to make a conditional go-ahead decision in relation to the proposal
        specified in the notice.