Melville, Galfield Leslie v The Mutal Life & Citizens Assurance Co Ltd [1980] FCA 135

RS

Life Insurance - statutory fund of life insurance company used

CATCHWORDS

'

to purchase shares in holding company which has substantial shareholding 1n a company which carries on business of life insurance ~ whether constitutes investment of assets of statutory fund directly or indirectly in share or interest in company or undertaking carrying on life insurance business. Life Insurance Act (Cth.) 1945-1973, s. 39 (2).

GALFRID LESLIE MELVILLE v. THE MUTUAL LIFE AND CITIZENS ASSURANCE COMPANY LIMITED

NO. G49 OF 1980 LOCKHART J.

AT SYDNEY

FRIDAY 3 OCTOBER 1980

IN THE FEDERAL COURT OF AUSTRALIA NEW SOUTH WALES DISTRICT REGISTRY GENERAL DIVISION

BETWEEN:

ORDER

JUDGE MAKING ORDER: WHERE MADE:

DATE OF ORDER:

THE COURT ORDERS THAT:

/

No. G49 of 1980

GALFRID LESLIE MELVILLE

Applicant THE MUTUAL LIFE AND CITIZENS

ASSURANCE COMPANY LIMITED

Respondent

LOCKHART J. AT SYDNEY 3 OCTOBER 1980

1. The application be dismissed.

2. The applicant pay the respondent's costs.

IN THE FEDERAL COURT OF AUSTRALIA ) NEW SOUTH WALES DISTRICT REGISTRY No. G49 of 1980 GENERAL DIVISION

BETWEEN: GALFRID LESLIE MELVILLE Applicant

AND: THE MUTUAL LIFE AND CITIZENS' ASSURANCE COMPANY LIMITED

Respondent

REASONS FOR JUDGMENT 3 OCTOBER 1980 LOCKHART J.

This is an application by Galfrid Leslie Melville ("the applicant"), who is the Life Insurance Commissioner appointed under the Life Insurance Act 1945 ("the Act"), for a declaration that the purchase by The Mutual Life and Citizens' Assurance Company Limited ("the respondent") on or about 17 January 1980 of one hundred thousand shares in the capital of A.P.A. Holdings Limited ("A.P.A. Holdings"), without the sanction of this Court, caused the assets of the statutory fund maintained by the respondent to be invested, directly or indirectly, in "any share or interest" in a company or undertaking carrying on 1li® insurance business in Australia, and thus contravened s. 39 (2) of the Act.