Government Insurance Office (Privatisation) Act 1991

While the State of New South Wales continues to hold all the shares in GIO (being the shares issued to the State under Part 2), sections 186 and 461 (d) of the Corporations Law do not apply in relation to GIO, and section 249 (7) of the Corporations Law applies in relation to GIO as if:

the State of New South Wales were a holding company (within the meaning of section 249 (7) of the Corporations Law) of GIO, and

the Minister were a representative of the State authorised under section 249 (3) of the Corporations Law.

Sections 139 (2) and (3) and 151 (5) of the Corporations Law do not apply in relation to GIO.

For the purposes of section 409 of the Corporations Law, GIO is taken to be subject to the law of the Commonwealth relating to life insurance.

For the purposes of Division 2 of Part 5.6 of the Corporations Law (Contributories on winding up):

the State of New South Wales is not (in relation to any period before the conversion) a past member of GIO, and

a person is not a past member of GIO merely because he or she was a member of the GIO Board, or acted as a member of the GIO Board, before the conversion.

For the purposes of the Corporations Law, accounts and records kept under Part 3 of the Public Finance and Audit Act 1983 are, after the conversion, taken to be accounting records kept by GIO under a provision of a previous law of the State of New South Wales, being a provision corresponding to section 289 of the Corporations Law.

For the purposes of the Corporations Law, a report and financial statements that were prepared under Part 3 of the Public Finance and Audit Act 1983 (or under section 11 of the GIO Act) in relation to a period and furnished to a Minister on a particular day are, after the conversion, taken to be a profit and loss account of GIO that was:

made out in relation to that period, and

laid before the body at an annual general meeting of the body held on that day.