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INSURANCE ACQUISITIONS AND TAKEOVERS ACT 1991 - SECT 41

Unconditional or conditional go - ahead decision

  (1)   The Minister may decide that the Minister has no objection to a trigger proposal, if the Minister is satisfied that the trigger proposal, if carried out, is not likely to be contrary to the public interest.

Note:   See section   5 (about what is contrary to the public interest).

  (1A)   The Minister may decide that the Minister has no objection to a trigger proposal so long as the person concerned complies with specified conditions, if the Minister is satisfied that the trigger proposal, if carried out, is not likely to be contrary to the public interest if the person concerned complies with those conditions.

Note:   See section   5 (about what is contrary to the public interest).

  (2)   If the Minister makes a go - ahead decision, the person must be given written advice of the decision, and of the conditions (if any) applicable to the decision, before the end of 10 days after the day on which the decision is made.

  (3)   If:

  (a)   the person is given written advice of the go - ahead decision within the period of 10 days; and

  (b)   the person carries out the proposal; and

  (c)   the decision is a conditional go - ahead decision; and

  (d)   the person does not comply with the conditions to which the decision is subject;

the person commits an offence punishable on conviction by imprisonment for a period not exceeding 2 years.

Note:   Subsection   4B(2) of the Crimes Act 1914 allows a court to impose an appropriate fine instead of, or in addition to, a term of imprisonment. If a body corporate is convicted of an offence, subsection   4B(3) of that Act allows a court to impose a fine of an amount that is not greater than 5 times the maximum fine that could be imposed by a court on an individual convicted of the same offence.

  (4)   If the Minister makes a go - ahead decision in relation to a trigger proposal, the Minister is not empowered to make a permanent restraining order in relation to the trigger proposal.



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