Taxation Laws Amendment Act (No. 2) 2004 (20 of 2004)

Schedule 6   Demutualisation of friendly societies

Income Tax Assessment Act 1936

2   At the end of subsection 121AB(1)

Add:

(c) that satisfies all of the following conditions:

(i) at 7.30 pm, by legal time in the Australian Capital Territory, on 9 May 1995, it was a friendly society (within the meaning of this Act as in force at that time);

(ii) it was an insurance company on 1 July 1999;

(iii) it does not have capital divided into shares held by its members.