Commonwealth Consolidated Acts

INSURANCE ACT 1973 - SECT 103D

Giving members of the general insurer notice of share issue etc.

  (1)   As soon as practicable after a general insurer issues shares, rights to acquire shares, or other capital instruments, in compliance with a recapitalisation direction, the insurer must give written notice to the persons who were members (under section   231 of the Corporations Act 2001 ) of the insurer just before the issue.

  (2)   The notice must:

  (a)   identify the issue; and

  (b)   explain the effect of the issue of the shares, rights to acquire shares, or other capital instruments on the members' interests.

Issue or acquisition of shares etc. despite other laws etc.

  (3)   A general insurer may issue or acquire shares, rights to acquire shares, or other capital instruments, in compliance with a recapitalisation direction despite:

  (a)   the Corporations Act 2001 (without limiting the scope of section   127B of this Act); and

  (b)   the insurer's constitution; and

  (c)   any contract or arrangement to which the insurer is a party; and

  (d)   any listing rules of a financial market in whose official list the insurer is included.