Return of deposit on termination of requirement to lodge deposits
9 Return of deposit on termination of requirement to lodge deposits
Section 26 of the Principal Act is amended by adding at the end thereof the following sub-sections:—
“(5) Where—
this Act does not, by reason of paragraph (a) of sub-section (2) of section 5, apply to or with respect to insurance business carried on by a person, who has deposited money or approved securities with the Treasurer under this Act; or
a body corporate that has deposited money or approved securities with the Treasurer is granted an exemption under section 37 of the Insurance Act 1973,
the Treasurer shall return to the person or body corporate that money or those approved securities.
“(6) After the expiration of the period of two years after the date of commencement of section 21 of the Insurance Act 1973 or, if a longer period not exceeding five years after that date is prescribed for the purposes of section 9 of this Act before the expiration of the first-mentioned period, after the expiration of that longer period, the Treasurer shall return to a person carrying on insurance business in Australia the money or approved securities deposited by that person under this Act.
“(7) In sub-section (6), ‘Australia’ includes a Territory to which the Insurance Act 1973 extends.
“(8) Sub-section (6) does not apply to a body corporate that, before the expiration of the period, or longer period, as the case may be, referred to in that, sub-section, has commenced to be wound up or in respect of which a winding up order has been made by a court.”.
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