The Application Of Scottish AmicableLife Assurance Society And Scottish Australia Financial Management Limited

[1989] FCA 881

IN THE FEDERAL COURT OF AUSTRALIA
VICTORIA DISTRICT REGISTRY
GENERAL DIVISION		No. VG 312 of 1989
IN THE MATTER of the Life Insurance Act 1945
THE APPLICATION of SCOTTISH AMICABLE LIFE ASSURANCE SOCIETY and
SCOTTISH AUSTRALIA FINANCIAL MANAGEMENT LIMITED

ORDER

JUDGE:	The Honourable Mr. Justice Ryan
DATE OF ORDER:	20 December 1989
WHERE MADE:	Melbourne

THE COURT-

1. DIRECTS that neither copies of the scheme under Division 9 of Part III of the Life Insurance Act 1945 ("the Act") in relation to the life insurance business of the Australian branch of the first abovenamed Applicant which is set out in the schedule hereto ("the Scheme") nor of any report received by the Insurance and Superannuation Commissioner ("the Commissioner") in accordance with the provisions of section 75(1) of the Act nor further summaries of the Scheme or of any such report be transmitted by the Applicants to any of the 568 policy owners referred to in paragraph 6 of the affidavit of Anthony James Mercuri sworn on 19 December 1989 and filed herein.

1. DIRECTS that neither copies of the Supplement to the Actuary's Report prepared by Walter Adrian Scott and dated 18 December 1989 nor summaries thereof be transmitted by the Applicants to any of the policy owners affected by the Scheme.

1. UPON the second abovenamed Applicant by its counsel UNDERTAKING to the Court that, subject to section 6.4 of the Actuary's Report prepared by Walter Adrian Scott and dated 28 October 1989 as amended by the Amendment to the Actuary's Report prepared by Mr. Scott and dated 1 December 1989 and supplemented by the Supplement to the Actuary's Report prepared by him and "' dated 18 December 1989, it will give effect to the constraints set out in section 6.3 of that report as so amended and supplemented AND UPON the Applicants by their counsel each UNDERTAKING to the Court to execute and deliver to the other before the Effective Date as defined in the Scheme an agreement in the form or to the effect of the draft agreement which is exhibit "CWW -11" to the affidavit of Christopher William Wright sworn on 19 December 1989 and filed herein ORDERS pursuant to sections 73 and 75(4) of the Act that the Scheme be and it is hereby confirmed subject to the following modifications to which the Applicants have agreed:

(a)the substitution of the following clause for clause B4 of the Scheme:

"Scottish Australia shall undertake to the Court that, subject to Section 6.4 of the Actuary's Report prepared by Walter Adrian Scott and dated 28 October 1989 as amended by the Amendment to the Actuary's Report prepared by Mr. Scott and dated 1 December 1989 and supplemented by the Supplement to the Actuary's Report prepared by him and dated 18 December 1989, it will give effect to the constraints set out in Section 6.3 of that report as so amended and supplemented. Scottish Australia may give effect to those constraints as aforesaid notwithstanding anything in the instruments constituting Scottish Amicable and Scottish Australia or in their respective articles of association or other rules.”

(b)The substitution of the following for the words "the report prepared by Walter A. Scott in connection with the Scheme" in clause 4.6(b)(ii) in Annex A to the Scheme:

"the Actuary's Report prepared by Walter Adrian Scott in connection with the Scheme and dated 28 October, 1989 as amended by the Amendment to the Actuary's Report prepared by Mr. Scott and dated 1 December, 1989 and supplemented by the " Supplement to the Actuary's Report prepared by him and dated 18 December, 1989".

1. DIRECTS that exhibit "CWW-12 Confidential" to the affidavit of Christopher William Wright sworn on 19 December 1989 and filed herein be returned to the Applicant's solicitors.

1. ORDERS that the costs of the Commissioner of this proceeding, including reserved costs, as agreed or taxed be paid by the Applicants to the commissioner or his solicitor.

1. ORDERS that liberty be reserved to the Applicants and each of them and to the Commissioner to apply to the Court as they or he may be advised.

   IN THE FEDERAL COURT
   OF AUSTRALIA

   VICTORIA DISTRICT REGISTRY

   GENERAL DIVISION

   No. VG 312 of 1989

   IN THE MATTER of the Life Insurance Act 1945

   THE APPLICATION of SCOTTISH AMICABLE LIFE ASSURANCE SOCIETY and SCOTTISH AUSTRALIA FINANCIAL MANAGEMENT LIMITED

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   ORDER

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