Income Tax Assessment Act 1936
View history note
Hide history noteUnder demutualisation method 3 , in connection with the implementation of the demutualisation:
(a) all membership rights in the mutual insurance company are extinguished; and
(b) shares in the mutual insurance company are issued to another company (the holding company ); and
(c) shares (the ordinary shares ) of only one class in:
(i) the holding company; or
are issued to each person in the policyholder/member group; and
(ii) another company (the ultimate holding company ) of which the holding company is a wholly-owned subsidiary, either directly or through one or more other wholly-owned subsidiaries (each of which is an interposed holding company );
(d) the ordinary shares are listed within the listing period.
Note:
Other things may also happen in connection with the implementation of the demutualisation.
121AH(2) [Diagram of transactions]The following diagram shows the main events, where this demutualisation method is used.
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