Insurance Act 1973

As soon as practicable after a general insurer issues shares, rights to acquire shares, or other capital instruments, in compliance with a recapitalisation direction, the insurer must give written notice to the persons who were members (under section 231 of the Corporations Act 2001) of the insurer just before the issue.

The notice must:

identify the issue; and

explain the effect of the issue of the shares, rights to acquire shares, or other capital instruments on the members’ interests.

A general insurer may issue or acquire shares, rights to acquire shares, or other capital instruments, in compliance with a recapitalisation direction despite:

the Corporations Act 2001 (without limiting the scope of section 127B of this Act); and

the insurer’s constitution; and

any contract or arrangement to which the insurer is a party; and

any listing rules of a financial market in whose official list the insurer is included.