New South Wales Consolidated Acts

GOVERNMENT INSURANCE OFFICE (PRIVATISATION) ACT 1991

- As at 1 April 2005
- Act 38 of 1991

TABLE OF PROVISIONS

           Long Title

   PART 1 - PRELIMINARY

   1.      Name of Act
   2.      Commencement
   3.      Object of Act
   4.      Definitions

   PART 2 - CREATION OF CAPITAL STRUCTURE AND OTHER STEPS PRIOR TO CONVERSION OF GIO INTO PUBLIC COMPANY

   5.      Share capital of GIO
   6.      Issue of shares in GIO
   7.      Creation of debt due to State by GIO
   8.      Retention by GIO of certain distributable reserves
   9.      GIO to apply to be registered as a company etc

   PART 3 - CONVERSION OF GIO INTO PUBLIC COMPANY AND REPEAL OF GOVERNMENT INSURANCE ACT 1927

   10.     GIO taken to be registered under Corporations Law as public company
   11.     New name of GIO
   12.     Memorandum and articles of GIO
   13.     Membership of GIO
   14.     Minister may act for State as shareholder
   15.     Continuity of GIO and construction of references to GIO
   16.     Government guarantee continued for existing or pre-sale policies etc
   17.     Repeal of GIO Act etc
   18.     Savings and transitional provisions relating to conversion of GIO into public company
   19.     (Repealed)

   PART 4 - REORGANISATION OF GIO BUSINESS UNDERTAKING IN CONNECTION WITH CONVERSION AND SALE OF GIO

   20.     Minister may direct transfer of parts of GIO business undertaking to GIO subsidiary
   21.     Minister may direct transfer of parts of business undertaking of GIO subsidiary to other subsidiaries or to GIO
   22.     Allocation of transferred assets to capital and reserves
   23.     Time when transfers may be effected

   PART 5 - EXCLUSION OF PARTS OF BUSINESS UNDERTAKING FROM GIO OR GIO SUBSIDIARY

   24.     Excluded undertakings
   25.     Time when exclusion may be effected
   26.     Self Insurance Corporation etc may sell excluded undertaking or retain it
   27.     GIO or subsidiary may act as agent etc with respect to excluded undertaking
   28.     (Repealed)

   PART 6 - SALE OF GIO BY PUBLIC FLOAT AFTER CONVERSION INTO PUBLIC COMPANY

   29.     Sale of GIO by public float
   30.     State may dispose of its shares
   31.     Maximum shareholding of 10% of shares offered in public float
   32.     Proceeds of sale
   33.     Special trust account for proceeds of public float pending repayment of debt to State

   PART 7 - SPECIAL PROVISIONS APPLYING TO GIO DURING PERIOD AFTER CONVERSION INTO PUBLIC COMPANY AND PRIOR TO DISPOSAL OF STATE’S MAJORITY SHAREHOLDING

   34.     Application of Part during majority shareholding in GIO by State
   35.     Ministerial control
   36.     Status of GIO etc
   37.     Application of certain provisions of State Owned Corporations Act 1989 to GIO

   PART 8 - VESTING OF UNDERTAKING ON TRANSFER ETC

   38.     Application and interpretation
   39.     Vesting of undertaking etc in transferee
   40.     Transfer of staff
   41.     Consideration etc for vestings

   PART 9 - MISCELLANEOUS

   42.     Act binds Crown
   42A.    (Repealed)
   43.     Non-disclosure of confidential information relating to GIO’s customers
   44.     Exemption from tax for conversion documents etc
   45.     Certificate evidence
   46.     Regulations
           SCHEDULE 1
           Schedule 2 (Repealed)