Commonwealth Consolidated Acts

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LIFE INSURANCE ACT 1995 - SECT 179AL

Transaction by Life Insurance Act statutory manager not voidable under section 588FE of the Corporations Act 2001

    A transaction of a body corporate is not voidable under section   588FE of the Corporations Act 2001 merely because:

  (a)   the transaction was entered into at a time when a Life Insurance Act statutory manager was in control of the body corporate's business; and

  (b)   the transaction is:

  (i)   an uncommercial transaction (within the meaning of that Act) of the body corporate; or

  (ii)   an unfair preference (within the meaning of that Act) given by the body corporate to a creditor of the company; or

  (iii)   an insolvent transaction (within the meaning of that Act) of the body corporate; or

  (iv)   a creditor - defeating disposition (within the meaning of that Act) by the body corporate.


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