Federal Court of Australia
FEDERAL COURT OF AUSTRALIA
In the matter of GIO Personal Investment Services Ltd and AMP Life Ltd [2000] FCA 1871 LIFE INSURANCE – transfer and amalgamation of life insurance business – application to Court for confirmation of scheme
Life Insurance Act 1995 (Cth) ss 190, 191, 193 and 194 Life Insurance Regulations 1995 (Cth) Thomson Australian Holdings Pty Ltd v Trade Practices Commission (1981) 148 CLR 150 referred to THE APPLICATION OF GIO PERSONAL INVESTMENT SERVICES LIMITED & AMP LIFE LIMITED N 1149 OF 2000 EMMETT J 11 DECEMBER 2000 SYDNEY
IN THE FEDERAL COURT OF AUSTRALIA
NEW SOUTH WALES DISTRICT REGISTRY N 1149 OF 2000
THE APPLICATION OF GIO PERSONAL INVESTMENT SERVICES LIMITED AND AMP LIFE LIMITED JUDGE: EMMETT J
DATE OF ORDER: 11 DECEMBER 2000
WHERE MADE: SYDNEY
THE COURT ORDERS THAT: 1. Pursuant to s 191(5) of the Life Insurance Act 1995 (Cth) the need for compliance by the applicants with s 191(2)(c) by giving to policy owners of GIO Personal Investment Services Limited whose current addresses are not recorded with GIO Personal Investment Services Limited an approved summary of the scheme the subject of this application be dispensed with. 2. Pursuant to s 191(5) of the Life Insurance Act 1995 (Cth) the need for compliance by the applicants with s 191(2)(c) by giving to policy owners of AMP Life Limited an approved summary of the scheme the subject of this application be dispensed with. 3. Pursuant to s 194 of the Life Insurance Act 1995 (Cth), the scheme for transfer and amalgamation of the life insurance business of GIO Personal Investment Services Limited with the life insurance business of AMP Life Limited be confirmed. 4. The costs of the Australian Prudential Regulation Authority in these proceedings be agreed or, failing agreement, that they be taxed and when so taxed be paid by the applicants to the Australian Prudential Regulation Authority or to its solicitor. 5. The exhibits be returned to the applicants. THE COURT NOTES: 6. The undertaking by GIO Personal Investment Services Limited that it will not reduce its share capital by any means and will not register any transfer of any shares in its share capital at any time before the hearing and determination of Federal Court proceeding N 955 of 1999 without first giving fourteen days' prior notice of such capital reduction or share transfer registration to the solicitors for the applicant in Federal Court proceeding N 955 of 1999. Note: Settlement and entry of orders is dealt with in Order 36 of the Federal Court Rules.
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