Commonwealth Consolidated Acts

LIFE INSURANCE ACT 1995 - SECT 40

  (1)   A life company may mortgage or charge an asset of a statutory fund, otherwise than as mentioned in paragraph   38(3)(a), (aa) or (c), if:

  (a)   the mortgage or charge is to be given in connection with the undertaking of a major development project; and

  (b)   the giving of the mortgage or charge has been approved by APRA.

  (2)   An approval under subsection   (1) must:

  (a)   be in writing; and

  (b)   include a statement that APRA is satisfied that the mortgage or charge is to be given in connection with the undertaking of a major development project; and

  (c)   specify any conditions to which the approval is subject.

  (4)   An approval may be given subject to such conditions (if any) as APRA thinks appropriate. The conditions that may be imposed include conditions relating to the terms and conditions of the mortgage or charge or of any other agreement or arrangement to be entered into by the life company in relation to the project.