Section 121AD — Income Tax Assessment Act 1936: Demutualisation and demutualisation resolution day

(1) A mutual insurance company demutualises if it ceases to be a mutual insurance company: (a) in any case—other than by ceasing to be an insurance company; or (b) if it is a life insurance company—because the whole of its life insurance business is transferred to another company under a scheme confirmed by the Federal Court of Australia. (2) A mutual affiliate company demutualises if it ceases to be a mutual affiliate company other than by ceasing to be a company. (3) The demutualisation resolution day, in relation to the demutualisation of a company, is: (a) if paragraph (b) does not apply—the day on which the resolution to proceed with the demutualisation is passed; or (b) if paragraph (1)(b) applies to the demutualisation—the day on which the transfer of the whole of the company’s life insurance business takes place.