Insurance Act 1973

This section applies in relation to an instrument that contains terms that are for the purposes of the conversion and write‑off provisions and that is issued by, or to which any of the following is a party:

a general insurer;

a holding company of a general insurer;

a subsidiary or related subsidiary of a general insurer;

an entity of a kind prescribed by the regulations for the purposes of this paragraph.

The instrument may be converted in accordance with the terms of the instrument despite:

any Australian law or any law of a foreign country or a part of a foreign country, other than a specified law; and

the constitution of any of the following entities (the relevant entity):

the entity issuing the instrument;

any entity that is a party to the instrument;

any conversion entity for the instrument; and

any contract or arrangement to which a relevant entity is a party; and

any listing rules or operating rules of a financial market in whose official list a relevant entity is included; and

any operating rules of a clearing and settlement facility through which the instrument is traded.

The instrument may be written off in accordance with the terms of the instrument despite:

any Australian law or any law of a foreign country or a part of a foreign country; and

the constitution of either of the following entities (the relevant entity):

the entity issuing the instrument;

any entity that is a party to the instrument; and

any contract or arrangement to which a relevant entity is a party; and

any listing rules or operating rules of a financial market in whose official list a relevant entity is included; and

any operating rules of a clearing and settlement facility through which the instrument is traded.