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 (Repealed)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 (Repealed)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)