Commonwealth Consolidated Acts

LIFE INSURANCE ACT 1995 - SECT 230AD

Giving members of the life company notice of share issue etc.

  (1)   As soon as practicable after a life company issues shares, rights to acquire shares, or other capital instruments, in compliance with a recapitalisation direction, the company must give written notice to the persons who were members (under section   231 of the Corporations Act 2001 ) of the company 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 life company 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   251AA of this Act); and

  (b)   the company's constitution; and

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

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