South Australian Consolidated Acts

SGIC (SALE) ACT 1995 - SECT 3

3—Interpretation

In this Act, unless the contrary intention appears—

"amortisation principle"—see section 23;

"asset" means—

            (a)         a present, contingent or future legal or equitable estate or interest in real or personal property; or

            (b)         a present, contingent or future right, power, privilege or immunity,

(and includes, in relation to SGIC or an SGIC subsidiary, a present or future cause of action in favour of SGIC or the SGIC subsidiary);

"cause of action" includes any right to bring, defend or participate in legal proceedings;

"date of divestiture"—see section 4;

"designated transferee company" means a transferee company classified by proclamation as a designated transferee company;

"document" includes a disc, tape or other medium in which information is stored;

"employee" includes an officer;

"instrument" includes a legislative instrument and a judgment order or process of a court;

"legal proceedings" includes an arbitration and an administrative proceeding;

"liability" means a present, future or contingent liability (arising either at law or in equity) and includes—

            (a)         a duty or non pecuniary obligation; and

            (b)         in relation to SGIC or an SGIC subsidiary, a present or future cause of action against SGIC or the SGIC subsidiary;

"Newco" means a public company incorporated under the Corporations Law and nominated by the Treasurer by notice in the Gazette as the company to which this Act refers under the name Newco;

"Newco subsidiary" means a subsidiary of Newco;

"Part A policy", "Part B policy", "Part C policy", "Part D policy", "Part E policy —see Schedule 5;

"policy" means a contract or policy of insurance and includes a contract providing for the investment or deposit of money and a fidelity bond or guarantee;

"security" means—

            (a)         a mortgage or charge; or

            (b)         a guarantee or indemnity; or

            (c)         any other security for, or instrument relating to, the payment of money or the discharge of a liability;

"SGIC" means the body corporate established as the State Government Insurance Commission that continues (or is to continue) in existence as the Motor Accident Commission ;

"SGIC subsidiary"—see section 5;

"subsidiary"—

            (a)         of SGIC—means an SGIC subsidiary;

            (b)         of any other body corporate—means a subsidiary within the meaning of the Corporations Law (Part 1.2, Division 6);

"transfer date" means the date an asset or liability of SGIC or an SGIC subsidiary is transferred to Newco or a Newco subsidiary under this Act;

"transfer order"—see section 8(1);

"transfer period" means a period commencing on the commencement of this Act and ending on a date fixed by proclamation;

"transferee company" means Newco or a Newco subsidiary;

"transferred asset" means an asset transferred to Newco or a Newco subsidiary under this Act (but not if the asset is re-transferred to SGIC or an SGIC subsidiary);

"transferred employee" means a person transferred to the employment of Newco or a Newco subsidiary under this Act;

"transferred instrument"—see section 8(2);

"transferred liability" means a liability transferred to Newco or a Newco subsidiary under this Act (but not if the liability is re-transferred to SGIC or an SGIC subsidiary);

"variation" to a policy includes the exercise by the insured of an option to vary the policy contained in the policy.