INSURANCE ACQUISITIONS AND TAKEOVERS ACT 1991 No. 6 of 1992 - SECT 81 Transitional - pre-commencement acquisitions etc.

INSURANCE ACQUISITIONS AND TAKEOVERS ACT 1991 No. 6 of 1992 - SECT 81

81. (1) This section has effect subject to Part 6 (which deals with
anti-avoidance).

(2) Part 2 does not apply in relation to an acquisition of shares, or an issue
of shares, that occurred before the commencement of this Act.

(3) Part 3 does not apply in relation to:

   (a)  an acquisition of assets that occurred before the commencement of this
        Act; or

   (b)  an acquisition of interests, rights or benefits of an
        Australian-registered insurance company under a contract of insurance
        where the company is the insurer, being an acquisition that occurred
        before the commencement of this Act; or

   (c)  an arrangement relating to the leasing or letting on hire of, or the
        granting of other rights to use, assets of an
        Australian-registered insurance company that was entered into before
        the commencement of this Act.

(4) Part 4 does not apply in relation to:

   (a)  an agreement in relation to an Australian-registered insurance company
        that was entered into before the commencement of this Act; or

   (b)  an alteration of a constituent document of an Australian-registered
        insurance company that occurred before the commencement of this Act.