Powers of Minister, TIO etc.
12 Powers of Minister, TIO etc.
(1) The Minister may do anything necessary or convenient to be done for the purpose of exercising a power under this Act.
(2) Without limiting subsection (1), in relation to the sale of the insurance business or the sale of the banking business the Minister may do anything necessary or convenient to be done:
(a) to facilitate the sale of the insurance business or the sale of the banking business; or
to ensure the orderly sale of the business; or
in consequence of, or incidental to, that sale.
(3) The Minister may, in writing, direct TIO to do anything necessary or convenient to be done:
(a) to facilitate the sale of the insurance business or the sale of the banking business; or
to ensure the orderly sale of the business; or
in consequence of, or incidental to, that sale.
TIO:
must comply with any direction given under subsection (3); and
(b) may do anything necessary or convenient to be done for the purpose of enabling the Minister to exercise a power under this Act.
(5) Any preparatory action taken by the Minister or TIO before the commencement of this section (including before the enactment of this Act) is taken to be, and always to have been, as valid as it would have been had this Act been in force at the time the action was taken.
In this section:
preparatory action means anything done, or authorised to be done, (including the execution by the Minister of an insurance sale agreement or banking sale agreement) in contemplation of, or preparation for, the Minister exercising a power of a kind conferred by this Act.
TIO includes the following:
the Board (as defined in section 9(1) of the TIO Act);
a member (as defined in section 3 of the TIO Act);
(c) the Chief Executive Officer (as defined in section 3 of the TIO Act);
a member of the staff of TIO;
(e) after the commencement of the MACC Act – each of the following (as defined in section 3 of that Act):
the Commission;
the Commissioner;
any Associate Commissioner.
This Act’s bill:Explanatory statementSecond reading speech
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