Interpretation

Current

In this Act, unless the contrary intention appears—

amortisation principle—see section 23;

asset means—

(a)

a present, contingent or future legal or equitable estate or interest in real or personal property; or

(b)

a present, contingent or future right, power, privilege or immunity, (and includes, in relation to SGIC or an SGIC subsidiary, a present or future cause of action in favour of SGIC or the SGIC subsidiary);

cause of action includes any right to bring, defend or participate in legal proceedings;

date of divestiture—see section 4;

designated transferee company means a transferee company classified by proclamation as a designated transferee company;

document includes a disc, tape or other medium in which information is stored;

employee includes an officer;

instrument includes a legislative instrument and a judgment order or process of a court;

legal proceedings includes an arbitration and an administrative proceeding;

liability means a present, future or contingent liability (arising either at law or in equity) and includes—

(a)

a duty or non pecuniary obligation; and

(b)

in relation to SGIC or an SGIC subsidiary, a present or future cause of action against SGIC or the SGIC subsidiary;

Newco means a public company incorporated under the Corporations Law and nominated by the Treasurer by notice in the Gazette as the company to which this Act refers under the name Newco;

Newco subsidiary means a subsidiary of Newco;

Part A policy, Part B policy, Part C policy, Part D policy, Part E policy—see Schedule 5;

policy means a contract or policy of insurance and includes a contract providing for the investment or deposit of money and a fidelity bond or guarantee;

security means—

(a)

a mortgage or charge; or

(b)

a guarantee or indemnity; or

(c)

any other security for, or instrument relating to, the payment of money or the discharge of a liability;

SGIC means the body corporate established as the State Government Insurance Commission that continues (or is to continue) in existence as the Motor Accident Commission;

SGIC subsidiary—see section 5;

subsidiary—

(a)

of SGIC—means an SGIC subsidiary;

(b)

of any other body corporate—means a subsidiary within the meaning of the Corporations Law (Part 1.2, Division 6);

transfer date means the date an asset or liability of SGIC or an SGIC subsidiary is transferred to Newco or a Newco subsidiary under this Act;

transfer order—see section 8(1);

transfer period means a period commencing on the commencement of this Act and ending on a date fixed by proclamation;

transferee company means Newco or a Newco subsidiary;

transferred asset means an asset transferred to Newco or a Newco subsidiary under this Act (but not if the asset is re-transferred to SGIC or an SGIC subsidiary);

transferred employee means a person transferred to the employment of Newco or a Newco subsidiary under this Act;

transferred instrument—see section 8(2);

transferred liability means a liability transferred to Newco or a Newco subsidiary under this Act (but not if the liability is re-transferred to SGIC or an SGIC subsidiary);

variation to a policy includes the exercise by the insured of an option to vary the policy contained in the policy.

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3 Interpretation