Income Tax Assessment Act 1936
View history note
Hide history noteA mutual insurance company demutualises if it ceases to be a mutual insurance company:
(a) in any case - other than by ceasing to be an insurance company; or
(b) if it is a life insurance company - because the whole of its life insurance business is transferred to another company under a scheme confirmed by the Federal Court of Australia. 121AD(2) [Demutualisation of mutual affiliate company]
A mutual affiliate company demutualises if it ceases to be a mutual affiliate company other than by ceasing to be a company.
121AD(3) [Demutualisation resolution day]The demutualisation resolution day , in relation to the demutualisation of a company, is:
(a) if paragraph (b) does not apply - the day on which the resolution to proceed with the demutualisation is passed; or
(b) if paragraph (1)(b) applies to the demutualisation - the day on which the transfer of the whole of the company's life insurance business takes place.
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