Commonwealth Numbered Acts

INSURANCE AND SUPERANNUATION COMMISSIONER ACT 1987 No. 98 of 1987 - SECT 4

4. (1) There shall be an Insurance and Superannuation Commissioner who shall
be appointed by the Governor-General.

(2) A person who has attained the age of 65 years shall not be appointed as
Commissioner, and a person shall not be appointed as Commissioner for a period
that extends beyond the day on which the person will attain the age of 65
years.

(3) A person who is:

   (a)  a director or employee of a body corporate that carries on insurance
        business or life insurance business in Australia, or of a body
        corporate that is related to such a body corporate;

   (b)  a trustee of a superannuation fund or an approved deposit fund; or

   (c)  a director or employee:

        (i)    of a body corporate that is a trustee of a superannuation fund
               or an approved deposit fund; or

        (ii)   of a body corporate that is related to a body corporate that is
               such a trustee; shall not be appointed as Commissioner.

(4) For the purposes of subsection (3), the question whether bodies corporate
are related to each other shall be determined in the same manner as the
question whether corporations, within the meaning of the Companies Act 1981,
are related to each other would be determined under that Act if, in section 7
of that Act:

   (a)  the reference to a corporation that is in a position to cast, or
        control the casting of, more than one-half of the maximum number of
        votes that might be cast at a general meeting of another corporation
        were a reference to a corporation that is in a position to cast, or
        control the casting of, more than one-quarter of that number of votes;
        and

   (b)  the reference to a corporation holding more than one-half of the
        issued share capital of another corporation were a reference to a
        corporation holding more than one-quarter of the issued share capital
        of another corporation.