- Date
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13 Feb 2019
- Chamber
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Senate
- Status
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Act
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Portfolio
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Treasury
- Summary
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Implements certain recommendations of the
Report on Reforms for Cooperatives, Mutuals and Member-owned Firms
(the Hammond report) by amending the: Corporations Act 2001
to: introduce a definition of 'mutual entity'; clarify for transferring financial institutions and friendly societies that the demutualisation provisions apply only if an entity no longer meets the new definition of a mutual entity; provide for mutual capital instruments as a new bespoke capital instrument for mutual entities; and provide for eligible mutual entities to amend their constitutions by a standardised process to take advantage of the new arrangements; and Financial Sector (Shareholdings) Act 1998
, Income Tax Assessment Act 1936
, Income Tax Assessment Act 1997
and Insurance Acquisitions and Takeovers Act 1991
to make consequential amendments.