{"id":"sgic-sale-act-1995","name":"SGIC (Sale) Act 1995","slug":"sgic-sale-act-1995","collection":"act","jurisdiction":"sa","status":"in_force","isInForce":true,"actNumber":null,"makingDate":null,"administeringDepartment":null,"currentVersion":{"id":109924,"registerId":"sa-sgic-sale-act-1995-current","compilationNumber":null,"startDate":"2026-04-03","status":"InForce","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"1","sectionType":"section","heading":"SGIC (Sale) Act 1995","content":"South Australia\nSGIC (Sale) Act 1995\nAn Act to provide for privatisation of SGIC; and for other purposes.\n\nContents\nPart 1—Preliminary\n1\tShort title\n3\tInterpretation\n4\tDate of divestiture\n5\tSGIC subsidiaries\n6\tTerritorial operation of Act\nPart 2—Newco\n7\tProvision of capital to Newco\nPart 3—Transfer and sale of assets and liabilities\n8\tTransfer of assets and liabilities to Newco and Newco subsidiaries\n9\tRe-transfer of assets or liabilities\n10\tConditions of transfer (or re-transfer)\n11\tSupplementary provisions\n12\tLegal proceedings\n13\tEvidence\n14\tTransfer of shares in Newco or a Newco subsidiary\n15\tApplication of proceeds of sale etc\nPart 4—Staff\n16\tTransfer of staff\nPart 5—Government guarantee\n17\tGeneral guarantee\n18\tGovernment guarantee (Part A policies—general insurance)\n19\tGovernment guarantee (Part B policies—term life and other insurance)\n20\tGovernment guarantee (Part C policies—continuous insurance)\n21\tGovernment guarantee (Part D policies—investment contracts—deposits)\n22\tGovernment guarantee (Part E policies—unit investment contracts)\n23\tAmortisation principle\n24\tAppropriation of Consolidated Account\n25\tSubrogation\n26\tAgreement that this Part will not apply\n27\tRestrictions on the application of this Part\n28\tGovernment guarantee under the State Government Insurance Commission Act 1992\n29\tSchedule 5 proclamation\nPart 6—Miscellaneous\n30\tTransfer of assets and liabilities to other authorities\n31\tPayment to be made to Consolidated Account\n32\tRegistering authorities to note transfer\n33\tStamp duty\n34\tAct overrides other laws\n35\tEffect of things done or allowed under Act\n36\tRegulations and proclamations\nSchedule 2—SGIC subsidiaries\nSchedule 3—Superannuation\n1\tDefinitions\n2\tExisting Fund members transferred to a transferee company\n3\tState Scheme contributors who have reached the age of 55 years\n4\tState Scheme contributors who have reached the age of 55—deferment of benefits\n5\tState Scheme contributors who have not reached the age of 55 years\n6\tApplication of certain provisions of the Superannuation Act 1988\n7\tExtension of time\n8\tDisability pension\n9\tExisting pensions and preserved benefits\n10\tPayment by SGIC to trustees and the Treasurer\nSchedule 5—Policies subject to Government guarantee and referred to in Part 5\nLegislative history\n\nThe Parliament of South Australia enacts as follows:\nPart 1—Preliminary\n1—Short title\nThis Act may be cited as the SGIC (Sale) Act 1995.\n3—Interpretation\nIn this Act, unless the contrary intention appears—\namortisation principle—see section 23;\nasset means—\n\t(a)\ta present, contingent or future legal or equitable estate or interest in real or personal property; or\n\t(b)\ta present, contingent or future right, power, privilege or immunity,\n(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);\ncause of action includes any right to bring, defend or participate in legal proceedings;\ndate of divestiture—see section 4;\ndesignated transferee company means a transferee company classified by proclamation as a designated transferee company;\ndocument includes a disc, tape or other medium in which information is stored;\nemployee includes an officer;\ninstrument includes a legislative instrument and a judgment order or process of a court;\nlegal proceedings includes an arbitration and an administrative proceeding;\nliability means a present, future or contingent liability (arising either at law or in equity) and includes—\n\t(a)\ta duty or non pecuniary obligation; and\n\t(b)\tin relation to SGIC or an SGIC subsidiary, a present or future cause of action against SGIC or the SGIC subsidiary;\nNewco 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;\nNewco subsidiary means a subsidiary of Newco;\nPart A policy, Part B policy, Part C policy, Part D policy, Part E policy—see Schedule 5;\npolicy 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;\nsecurity means—\n\t(a)\ta mortgage or charge; or\n\t(b)\ta guarantee or indemnity; or\n\t(c)\tany other security for, or instrument relating to, the payment of money or the discharge of a liability;\nSGIC means the body corporate established as the State Government Insurance Commission that continues (or is to continue) in existence as the Motor Accident Commission;\nSGIC subsidiary—see section 5;\nsubsidiary—\n\t(a)\tof SGIC—means an SGIC subsidiary;\n\t(b)\tof any other body corporate—means a subsidiary within the meaning of the Corporations Law (Part 1.2, Division 6);\ntransfer 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;\ntransfer order—see section 8(1);\ntransfer period means a period commencing on the commencement of this Act and ending on a date fixed by proclamation;\ntransferee company means Newco or a Newco subsidiary;\ntransferred 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);\ntransferred employee means a person transferred to the employment of Newco or a Newco subsidiary under this Act;\ntransferred instrument—see section 8(2);\ntransferred 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);\nvariation to a policy includes the exercise by the insured of an option to vary the policy contained in the policy.\n4—Date of divestiture\nIn this Act, the date of divestiture is—\n\t(a)\tfor Newco—\n\t(i)\tif Newco's shares are sold by or at the direction of the Treasurer—the date the sale is completed; or\n\t(ii)\tif Newco's shares are offered for public subscription—the date shares are first allotted to subscribers who respond to the public offer;\n\t(b)\tfor a Newco subsidiary—\n\t(i)\tif the subsidiary's shares are sold by or at the direction of the Treasurer before the date of divestiture for Newco—the date the sale is completed; or\n\t(ii)\tif not—the date of divestiture for Newco.\n5—SGIC subsidiaries\n\t(1)\tThe SGIC subsidiaries are—\n\t(a)\tthe bodies corporate specified in Schedule 2; and\n\t(b)\tthe bodies corporate classified by proclamation as SGIC subsidiaries.\n\t(2)\tThe Governor may, by proclamation—\n\t(a)\tclassify a body corporate specified in the proclamation as an SGIC subsidiary; or\n\t(b)\tvary or revoke a classification under this section.\n6—Territorial operation of Act\n\t(1)\tThis Act applies both within and outside the State.\n\t(2)\tThis Act applies outside the State to the full extent of the extra-territorial legislative power of the State.\nPart 2—Newco\n7—Provision of capital to Newco\n\t(1)\tAny one or more Ministers of the Crown may subscribe capital to Newco.\n\t(2)\tThe Treasurer may, on conditions the Treasurer considers appropriate—\n\t(a)\tadvance loan capital to Newco; and\n\t(b)\ttransfer non-pecuniary assets of the Crown to Newco.\n\t(3)\tCapital subscriptions and advances are, subject to any contrary direction by the Treasurer, to be paid out of the Consolidated Account (which is appropriated to the necessary extent).\n\t(4)\tAn instrument to give effect to a transaction under this section is exempt from stamp duty.\nPart 3—Transfer and sale of assets and liabilities\n8—Transfer of assets and liabilities to Newco and Newco subsidiaries\n\t(1)\tThe Treasurer may, by order in writing (a transfer order), transfer assets or liabilities (or both) of SGIC or an SGIC subsidiary to Newco or a Newco subsidiary.\n\t(2)\tA transfer order may provide that references to SGIC or an SGIC subsidiary in a specified instrument or an instrument of a specified class (a transferred instrument) are to be read as references to Newco or a Newco subsidiary, and in that case—\n\t(a)\tthe effect of the instrument is modified as provided in the order; and\n\t(b)\tNewco or the Newco subsidiary accordingly succeeds to the rights and liabilities of SGIC or the SGIC subsidiary under the instrument as from the date on which the instrument takes effect.\n\t(3)\tAn order under this section may take effect prospectively or retrospectively but must be made before the end of the transfer period and must take effect within the transfer period.\n\t(4)\tA transferred asset is not subject to any statutory trust in favour of the Crown under the State Government Insurance Commission Act 1992.\n\t(5)\tThe transfer of an asset or liability under this section operates by force of this Act and despite the provisions of any other law or instrument.\n\t(6)\tThe transfer of a liability from SGIC or an SGIC subsidiary discharges SGIC or the SGIC subsidiary from the liability.\n9—Re-transfer of assets or liabilities\n\t(1)\tThe Treasurer may, by order in writing (a re-transfer order), re-transfer assets or liabilities (or both) from Newco or a Newco subsidiary to SGIC or an SGIC subsidiary.\n\t(2)\tA re-transfer order may reverse the construction placed on a transferred instrument, or transferred instruments of a specified class, by a transfer order and, in that case—\n\t(a)\tthe original effect of the instrument (or instruments) is restored as from the date the re-transfer order takes effect; and\n\t(b)\tSGIC or the SGIC subsidiary accordingly succeeds to the rights and liabilities of Newco or the Newco subsidiary under the instrument (or instruments) as from the date on which the re-transfer order takes effect.\n\t(3)\tA re-transfer order may take effect prospectively or retrospectively but must be made before the end of the transfer period and must take effect within the transfer period.\n\t(4)\tIf a re-transfer order provides that it is to take effect contemporaneously with the relevant transfer order—\n\t(a)\tthe transfer of a relevant asset or liability is cancelled and the asset or liability is taken never to have been transferred; and\n\t(b)\ta transferred instrument to which the re-transfer order applies is to be construed as if it had never been affected by the transfer order.\n\t(5)\tThe re-transfer of a liability from Newco or a Newco subsidiary discharges Newco or the Newco subsidiary from the liability.\n10—Conditions of transfer (or re-transfer)\n\t(1)\tThe Treasurer may, by order in writing, fix the conditions on which assets or liabilities are transferred to (or re-transferred from) Newco or a Newco subsidiary under this Act.\n\t(2)\tAn order under this section must be made within the transfer period and may be varied or revoked by the Treasurer by further order made within that period.\n\t(3)\tThe conditions of transfer (or re-transfer) may, for example, do one or more of the following—\n\t(a)\tassign a value to particular assets, or assets of a particular class;\n\t(b)\tassign a value to particular liabilities, or liabilities of a particular class;\n\t(c)\tassign a net value to particular assets and liabilities, or assets and liabilities of particular classes;\n\t(d)\timpose on the transferee of assets, or assets and liabilities, a liability (in terms set out in the order) to the body from which transfer is made reflecting the value or net value assigned by the Treasurer to the assets, or the assets and liabilities.\n11—Supplementary provisions\n\t(1)\tIf a security held by SGIC or an SGIC subsidiary is referable to a transferred asset or liability, then, so far as it is referable to the transferred asset or liability—\n\t(a)\tthe security is available to the transferee company as security for the discharge of the liabilities to which it relates including, where the security relates to future liabilities, liabilities incurred after the transfer; and\n\t(b)\tthe transferee company is entitled to the same rights and priorities and is subject to the same liabilities under the security as those to which SGIC or the SGIC subsidiary would have been entitled or subject if there had been no transfer.\n\t(2)\tIf a transferred asset consists of a right to the possession or use of property under a lease or other instrument, SGIC or an SGIC subsidiary incurs no liability (nor does the right to possession become liable to forfeiture) because SGIC or the SGIC subsidiary has parted with possession of the property, or permitted the possession or use of the property by another person, contrary to the terms of the lease or instrument.\n\t(3)\tIn legal proceedings about a transferred asset or liability, evidence that would have been admissible by or against SGIC or an SGIC subsidiary if there had been no transfer may be given in evidence by or against the transferee company.\n12—Legal proceedings\nSubject to any contrary provision in a transfer order, legal proceedings that had commenced before the transfer date in respect of a transferred asset or liability may be continued and completed by or against the transferee.\n13—Evidence\n\t(1)\tThe Treasurer (or the Treasurer's delegate) may certify—\n\t(a)\twhether specified assets or liabilities are or are not transferred assets or liabilities and the identity of the transferee;\n\t(b)\twhether specified instruments are or are not transferred instruments and the identity of the transferee.\n\t(2)\tAn apparently genuine document purporting to be a certificate under subsection (1) must be accepted in legal proceedings or by an administrative official as proof of the matter certified in the absence of proof to the contrary.\n14—Transfer of shares in Newco or a Newco subsidiary\n\t(1)\tWhile all shares in Newco are held by the Treasurer and other Ministers of the Crown, the Treasurer may by agreement (a sale agreement) with another (the purchaser) sell and transfer to the purchaser—\n\t(a)\tshares in Newco; or\n\t(b)\tshares in a Newco subsidiary held by or on behalf of Newco; or\n\t(c)\tassets and liabilities of Newco or a Newco subsidiary.\n\t(2)\tA sale of shares, or assets and liabilities, under this section will be on terms and conditions the Treasurer thinks fit.\n\t(3)\tA sale agreement vests the shares, or the assets and liabilities, to which it relates in the purchaser in accordance with its terms.\n\t(4)\tIf a transferee company is entitled to possession of land under a lease or agreement, the transfer of shares in the transferee company on sale under this section—\n\t(a)\tdoes not constitute a default under the lease or other agreement; and\n\t(b)\tcannot be treated as an assignment under the provisions of the lease or other agreement; and\n\t(c)\tgives rise to no right or power to require anything to be done under the lease or agreement; and\n\t(d)\tgives rise to no right to forfeiture or termination of the lease or other agreement; and\n\t(e)\tgives rise to no right to compensation or damages.\n15—Application of proceeds of sale etc\n\t(1)\tThe Treasurer may apply proceeds of a sale of shares, or assets and liabilities, under this Part and any money paid to the Treasurer by direction under subsection (2), as follows:\n\t(a)\tin discharging or recouping liabilities of SGIC or an SGIC subsidiary (other than liabilities relating to the Compulsory Third Party Fund or the compulsory third party insurance business); and\n\t(b)\tin payment to the Asset Management Task Force Operating Account at the Treasury to be used for the purpose of retiring State debt.\n\t(2)\tThe Treasurer may direct SGIC or an SGIC subsidiary to pay to the Treasurer surplus funds arising from the discharge of liabilities by Newco or a Newco subsidiary.\nPart 4—Staff\n16—Transfer of staff\n\t(1)\tThe Treasurer may, by order in writing, transfer employees of SGIC to positions in the employment of Newco or a Newco subsidiary.\n\t(2)\tAn order under this section may take effect prospectively or retrospectively but must be made before the end of the transfer period and must take effect within the transfer period.\n\t(3)\tAn order under this section may be varied or revoked by the Treasurer by further order in writing made before the order takes effect.\n\t(4)\tA transfer under this section does not—\n\t(a)\taffect the employee's remuneration; or\n\t(b)\tinterrupt continuity of service; or\n\t(c)\tconstitute a retrenchment or redundancy.\n\t(5)\tA transfer under this section must not involve—\n\t(a)\tany reduction in the employee's status; or\n\t(b)\tany change in the employee's duties that would be unreasonable having regard to the employee's skills, ability and experience; or\n\t(c)\tany change in the employee's place of employment unless the new place of employment is within reasonable commuting distance from the employee's former place of employment.\n\t(6)\tHowever, an employee's status is not reduced by—\n\t(a)\ta reduction of the scope of business operations for which the employee is responsible; or\n\t(b)\ta reduction in the number of employees under the employee's supervision or management,\nif the general nature of the employee's responsibility after the transfer remains the same as, or similar to, the employee's responsibility before the transfer.\n\t(7)\tAn employee's terms and conditions of employment are subject to variation after the transfer in the same way as before the transfer.\n\t(8)\tA person who is transferred from SGIC's employment to the employment of Newco or a Newco subsidiary under this section is taken to have accrued as an employee of Newco or the Newco subsidiary an entitlement to annual leave, sick leave and long service leave that is equivalent to the entitlements that the person had accrued, immediately before the transfer took effect, as an employee of SGIC.\n\t(9)\tA transfer under this section does not give rise to any remedy or entitlement arising from cessation or change of employment.\n\t(10)\tFor the purposes of construing a contract applicable to the employment of a person who is transferred from SGIC to Newco or a Newco subsidiary under this section, a reference to SGIC is to be construed as a reference to Newco or the Newco subsidiary.\nPart 5—Government guarantee\n17—General guarantee\nThe Treasurer guarantees a liability of a designated transferee company if—\n\t(a)\tthe liability falls due before the transferee company's date of divestiture; and\n\t(b)\ta written demand on the transferee company for payment is made within 12 months after the liability falls due (but if the liability falls due on the making of a written demand for payment, no further demand is required under this paragraph).\n18—Government guarantee (Part A policies—general insurance)\n\t(1)\tThe Treasurer guarantees the liability of a designated transferee company under a Part A policy if—\n\t(a)\tthe policy was issued before the transferee company's date of divestiture; and\n\t(b)\ta written demand for payment is made within 12 months after the liability falls due (but if the liability falls due on the making of a written demand for payment, no further demand is required under this paragraph).\n\t(2)\tThis guarantee does not apply to a liability—\n\t(a)\tthat arises under a policy after its renewal or reinstatement after the company's date of divestiture; or\n\t(b)\tthat arises under a policy from an event occurring after an extension or variation of the policy after the company's date of divestiture.\n\t(3)\tA payment or transfer of money under a Part A policy that diminishes a transferee company's liability under the policy is taken to diminish a liability guaranteed under this section before it diminishes any other liability.\n19—Government guarantee (Part B policies—term life and other insurance)\n\t(1)\tThe Treasurer guarantees the liability of a designated transferee company under a Part B policy if—\n\t(a)\tthe policy was issued before the transferee company's date of divestiture; and\n\t(b)\tthe liability falls due after the date of divestiture; and\n\t(c)\ta written demand on the transferee company for payment is made within 12 months after the liability falls due (but if the liability falls due on the making of a written demand for payment, no further demand is required under this paragraph).\n\t(2)\tThis guarantee—\n\t(a)\tis subject to the amortisation principle; and\n\t(b)\tdoes not apply to—\n\t(i)\ta policy that has been reinstated after the company's date of divestiture; or\n\t(ii)\tto any increase in liability under the policy arising after the date of divestiture under the terms of the policy or from an agreement made before, on or after the date of divestiture (in exercise of an option or otherwise); or\n\t(iii)\tto a liability for life insurance if the person whose life is insured was not covered by the policy as at the date of divestiture.\n\t(3)\tA payment or transfer of money under a Part B policy that diminishes a transferee company's liability under the policy is taken to diminish a liability guaranteed under this section before it diminishes any other liability.\n20—Government guarantee (Part C policies—continuous insurance)\n\t(1)\tThe Treasurer guarantees the liability of a designated transferee company under a Part C policy if—\n\t(a)\tthe policy was issued before the transferee company's date of divestiture; and\n\t(b)\tan event giving rise to a liability under the policy occurs after the date of divestiture but within 12 months after the date of divestiture; and\n\t(c)\ta written demand for payment is made within 12 months after the liability falls due (but if the liability falls due on the making of a written demand for payment, no further demand is required under this paragraph).\n\t(2)\tThis guarantee does not apply to a liability—\n\t(a)\tthat arises under a policy after its renewal or reinstatement after the company's date of divestiture; or\n\t(b)\tthat arises under a policy from an event occurring after an extension or variation of the policy after the company's date of divestiture.\n\t(3)\tA payment or transfer of money under a Part C policy that diminishes a transferee company's liability under the policy is taken to diminish a liability guaranteed under this section before it diminishes any other liability.\n21—Government guarantee (Part D policies—investment contracts—deposits)\n\t(1)\tSubject to this section, the Treasurer guarantees the liability of a designated transferee company under a Part D policy if—\n\t(a)\tthe policy was issued before the company's date of divestiture; and\n\t(b)\tthe liability falls due within 5 years after the company's date of divestiture; and\n\t(c)\ta written demand on the company for payment is made within 12 months after the liability falls due (but if the liability falls due on the making of a written demand for payment, no further demand is required under this paragraph).\n\t(2)\tHowever, the guarantee under subsection (1) does not extend to—\n\t(a)\ta liability guaranteed under subsection (3); or\n\t(b)\ta liability to the extent that it arises from a contribution or deposit made on or after the date of divestiture; or\n\t(c)\ta liability for interest accrued on or after the date of divestiture.\n\t(3)\tThe Treasurer also guarantees, subject to the amortisation principle, a designated transferee company's liability to pay optional term life insurance or insurance against total and permanent disablement under a Part D policy if—\n\t(a)\tthe policy was issued before the transferee company's date of divestiture; and\n\t(b)\ta written demand on the transferee company for payment is made within 12 months after the liability falls due (but if the liability falls due on the making of a written demand for payment, no further demand is required under this paragraph).\n\t(4)\tA guarantee under subsection (1) or (3) does not apply to a liability—\n\t(a)\tthat arises under a policy after its renewal or reinstatement after the company's date of divestiture; or\n\t(b)\tthat arises under a policy from an event occurring after an extension or variation of the policy after the company's date of divestiture.\n\t(5)\tA payment or transfer of money under a Part D policy that diminishes a transferee company's liability under the policy is taken to diminish a liability guaranteed under this section before it diminishes any other liability.\n22—Government guarantee (Part E policies—unit investment contracts)\n\t(1)\tThe Treasurer guarantees, to the extent prescribed by subsection (2), a designated transferee company's liability under a Part E policy to redeem an investment out of a particular fund if—\n\t(a)\tthe policy was issued before the company's date of divestiture; and\n\t(b)\tthe liability falls due within 5 years after the company's date of divestiture; and\n\t(c)\ta written demand on the company for payment is made within 12 months after the liability falls due (but if the liability falls due on the making of a written demand for payment, no further demand is required under this paragraph).\n\t(2)\tThe guaranteed liability is limited to an amount equal to the value of the investment as at the designated transferee company's date of divestiture less the amount of any withdrawal from the investment.\n\t(3)\tThe Treasurer also guarantees, subject to the amortisation principle, a designated transferee company's liability to pay optional term life insurance or insurance against total and permanent disablement under a Part E policy if—\n\t(a)\tthe policy was issued before the transferee company's date of divestiture; and\n\t(b)\ta written demand on the transferee company for payment is made within 12 months after the liability falls due (but if the liability falls due on the making of a written demand for payment, no further demand is required under this paragraph).\n\t(4)\tA guarantee under subsection (1) or (3) does not apply to a liability—\n\t(a)\tthat arises under a policy after its renewal or reinstatement after the company's date of divestiture; or\n\t(b)\tthat arises under a policy from an event occurring after an extension or variation of the policy after the company's date of divestiture.\n\t(5)\tA payment or transfer of money under a Part D policy that diminishes a transferee company's liability under the policy is taken to diminish a liability guaranteed under this section before it diminishes any other liability.\n23—Amortisation principle\nA guarantee that is subject to the amortisation principle is reduced or extinguished as follows:\n\t(a)\tif the liability to which the guarantee relates falls due 5 years or more but less than 6 years after the company's date of divestiture, the liability that would, apart from this section, exist under the guarantee is reduced by 20%;\n\t(b)\tif the liability to which the guarantee relates falls due 6 years or more but less than 7 years after the company's date of divestiture, the liability that would, apart from this section, exist under the guarantee is reduced by 40%;\n\t(c)\tif the liability to which the guarantee relates falls due 7 years or more but less than 8 years after the company's date of divestiture, the liability that would, apart from this section, exist under the guarantee is reduced by 60%;\n\t(d)\tif the liability to which the guarantee relates falls due 8 years or more but less than 9 years after the company's date of divestiture, the liability that would, apart from this section, exist under the guarantee is reduced by 80%;\n\t(e)\tif the liability to which the guarantee relates falls due 9 years or more after the company's date of divestiture, liability under the guarantee is entirely extinguished.\n24—Appropriation of Consolidated Account\nAny money required under a guarantee is to be paid out of the Consolidated Account (which is appropriated to the necessary extent).\n25—Subrogation\nIf the Treasurer makes a payment to a person under the guarantee, the Treasurer is subrogated, to the extent of the payment, to the person's rights (including rights of priority as a creditor in a winding-up) in respect of the guaranteed liability.\n26—Agreement that this Part will not apply\nA designated transferee company may agree with a person proposing to enter into a policy or make an investment with the company that the policy or investment is not to be subject to the guarantee contained in this Part and, in that event, this Part does not apply to the policy or investment concerned.\n27—Restrictions on the application of this Part\nThe Treasurer may, after consultation with the Board of directors of Newco, by order in writing made within the transfer period impose restrictions binding on a designated transferee company about—\n\t(a)\tthe terms and conditions upon which insurance policies and investments offered by the company may be entered into or made; or\n\t(b)\tthe variation by agreement at any time of the terms and conditions governing a guaranteed liability.\n28—Government guarantee under the State Government Insurance Commission Act 1992\nThe guarantee under section 21 of the State Government Insurance Act 1992 has no application to transferred liabilities.\n29—Schedule 5 proclamation\nThe Governor may, by proclamation made during the transfer period, amend Schedule 5 by the addition of further items.\nPart 6—Miscellaneous\n30—Transfer of assets and liabilities to other authorities\n\t(1)\tThe Governor may, by proclamation—\n\t(a)\ttransfer assets and liabilities of SGIC or an SGIC subsidiary, or assets and liabilities of a trust administered by SGIC or an SGIC subsidiary, to an authority or person nominated in the proclamation; or\n\t(b)\testablish a scheme (a rectification scheme) for the rectification of irregularities (or possible irregularities) in the administration of a trust, or the exercise of fiduciary duties, by SGIC or an SGIC subsidiary.\n\t(2)\tA proclamation transferring assets and liabilities may fix terms and conditions of transfer (which may include provision for the payment of money or the giving of other consideration).\n\t(3)\tA rectification scheme—\n\t(a)\tconfers rights on persons affected by the irregularities (or possible irregularities) to which the scheme relates, and on other persons (if any) to whom the scheme is expressed to apply, in accordance with the terms and conditions of the scheme; and\n\t(b)\tvaries or excludes, as provided by the terms and conditions of the scheme, other rights of persons for whose benefit the trust or the fiduciary duties exist or existed in respect of the irregularities (or possible irregularities) to which the scheme relates.\n\t(4)\tThe terms and conditions of a transfer or rectification scheme under this section are enforceable as if the proclamation making the transfer or establishing the scheme were a deed binding on all persons to whom it is expressed to apply.\n31—Payment to be made to Consolidated Account\n\t(1)\tIf the results achieved by a transferee company from its operations over a designated period give rise to a presumptive liability for income tax, the company must, within 6 months from the end of the designated period, pay to the Treasurer, for the credit of the Consolidated Account a sum equal to the amount of the presumptive liability.\n\t(2)\tThe Treasurer may require a transferee company to make other payments in respect of a designated period in lieu of taxes under the law of the State or the Commonwealth from which the company was exempt during the designated period because of the Crown's ownership or control.\n\t(3)\tIn this section—\ndesignated period is a period of 12 months or less falling before the date of the company's divestiture—\n\t(a)\textending from the date of the company's incorporation to the following 30 June or the date of the company's divestiture (whichever is first);\n\t(b)\textending from 1 July in one year to 30 June in the next;\n\t(c)\textending from 30 June to the date of the company's divestiture;\npresumptive liability to income tax in relation to a transferee company, means a liability for income tax that would have existed under the Income Tax Assessment Act 1936 (Cwth) if—\n\t(a)\tthe company were liable to income tax under that Act; and\n\t(b)\tthe designated period were a year of income within the meaning of that Act.\n\t(4)\tThis section does not apply to income derived by a transferee company after the company's date of divestiture.\n32—Registering authorities to note transfer\nThe Registrar-General or any other authority required or authorised under a law of the State to register or record transactions affecting assets or liabilities, or documents relating to such transactions, must, on application by the Treasurer or a person nominated by the Treasurer for the purpose, register or record the transfer of an asset or liability under this Act.\n33—Stamp duty\n\t(1)\tNo stamp duty is payable under a law of the State in respect of—\n\t(a)\ta transfer of assets or liabilities under this Act (other than a transfer on sale of shares in, or assets and liabilities of, Newco or a Newco subsidiary);\n\t(b)\tany transfer or assignment of assets or liabilities by SGIC or an SGIC subsidiary to Newco or a Newco subsidiary.\n\t(2)\tNo person has an obligation under the Stamp Duties Act 1923—\n\t(a)\tto lodge a statement or return relating to the transfer or assignment of assets or liabilities from SGIC or an SGIC subsidiary to a transferee company; or\n\t(b)\tto include information about such a transfer or assignment in a statement or return.\n34—Act overrides other laws\nThis Act has effect despite the provisions of the Real Property Act 1886 or any other law.\n35—Effect of things done or allowed under Act\nNothing done or allowed under this Act or a sale agreement under this Act—\n\t(a)\tconstitutes a breach of, or default under, an Act or other law; or\n\t(b)\tconstitutes a breach of, or default under, a contract, agreement, understanding or undertaking; or\n\t(c)\tconstitutes a breach of a duty of confidence (whether arising by contract, in equity or by custom) or in any other way; or\n\t(d)\tconstitutes a civil or criminal wrong; or\n\t(e)\tterminates an agreement or obligation or fulfils any condition that allows a person to terminate an agreement or obligation, or gives rise to any other right or remedy; or\n\t(f)\treleases a surety or any other obligee wholly or in part from an obligation.\n36—Regulations and proclamations\n\t(1)\tThe Governor may make regulations and proclamations for the purposes of this Act.\n\t(2)\tA proclamation cannot be amended or revoked by a later proclamation unless this Act specifically contemplates its amendment or revocation.\nSchedule 2—SGIC subsidiaries\nAustrust Limited\nBouvet Pty Limited\nExecutor Trustee Australia Ltd\nSA Projects Pty Limited\nSGIC Financial Services Pty Limited\nSGIC Health Pty Limited\nSGIC Nominees Pty Ltd\nSGIC Pty Limited\nSGIC Superannuation Pty Ltd\nSouthern Group Insurance Corporation Ltd\nSchedule 3—Superannuation\n1—Definitions\nIn this Schedule—\nExisting Fund means the superannuation fund known as the SGIC Occupational Superannuation Plan constituted by deed made the 9th day of January 1989 by SGIC as employer and Joan Lynette Wilkinson and others as trustees;\nnew scheme contributor has the meaning given by the Superannuation Act 1988;\nold scheme contributor has the meaning given by the Superannuation Act 1988;\nSGIC Fund means a superannuation fund constituted or to be constituted and identified as the SGIC Fund for the purposes of this Schedule by notice in writing signed by the Treasurer and published in the Gazette;\nState Scheme means the scheme within the meaning of the Superannuation Act 1988;\nState Scheme contributor means a contributor within the meaning of the Superannuation Act 1988;\nSuperannuation Board means the South Australian Superannuation Board constituted under the Superannuation Act 1988;\ntransfer date in relation to a transferred employee, means the date on which that employee becomes an employee of a transferee company;\ntransferred means transferred under Part 4;\ntransferred employee means an employee transferred by an order under this Act from the employment of SGIC or an SGIC subsidiary to a transferee company.\n2—Existing Fund members transferred to a transferee company\n\t(1)\tAn employee of SGIC or an SGIC subsidiary who is a member of the Existing Fund and is transferred to a position in the employment of a transferee company is, on the transfer date, taken to have become a member of the SGIC Fund, if not already a member of that fund.\n\t(2)\tAs soon as practicable after the transfer date, the trustee of the Existing Fund must pay or transfer an amount or assets equal to the value of the employee's accrued benefit in the Existing Fund (as determined by the trustee) to the trustee of the SGIC Fund and the amount paid or the value of the assets transferred must be credited to the account of the employee in the SGIC Fund.\n\t(3)\tOn the payment of an amount or the transfer of assets under subclause (2)—\n\t(a)\tthe trustee of the Existing Fund is discharged from its obligations as trustee of the Existing Fund in respect of the employee concerned; and\n\t(b)\tthe employee ceases to have any entitlement to a benefit from the Existing Fund.\n3—State Scheme contributors who have reached the age of 55 years\n\t(1)\tWithin one month after the transfer date (the election period), a transferred employee who has reached the age of 55 years as at the transfer date and who is a State Scheme contributor may elect, by notice in writing to the Superannuation Board, either—\n\t(a)\tto have paid immediately to the SGIC Fund an amount (to be charged against the transferred employee's contribution account in the State Scheme) equivalent to the balance of the contribution account; or\n\t(b)\tto defer the payment of benefits.\n\t(2)\tIf a transferred employee fails to make an election under subclause (1) within one month after the transfer date, the employee is taken to have made an election under subclause (1)(a).\n\t(3)\tIf a transferred employee makes an election under subclause (1)(a)—\n\t(a)\tthe Treasurer must transfer the amount referred to in subclause (1)(a) to the SGIC Fund to the credit of the account of the transferred employee in that fund; and\n\t(b)\tif the transferred employee is a new scheme contributor, section 32A of the Superannuation Act 1988 will also apply except that any benefit otherwise payable under that section must be paid immediately to the SGIC Fund to the credit of the account of the transferred employee in that fund.\n\t(4)\tOn the making of the payments to the SGIC Fund under subclause (3), the transferred employee concerned ceases to be a State Scheme contributor.\n\t(5)\tIf a transferred employee elects to defer payment of benefits under subclause (1)(b), clause 4 applies to the employee.\n4—State Scheme contributors who have reached the age of 55—deferment of benefits\n\t(1)\tA transferred employee to whom this clause applies is taken, for the purposes of the Superannuation Act 1988 (but for no other purpose)—\n\t(a)\tto have continued in the employment of SGIC or the SGIC subsidiary concerned until his or her employment with the transferee company is terminated for any reason; and\n\t(b)\tto have elected to make and to have made no contribution to the State Scheme after the transfer date.\n\t(2)\tA transferred employee to whom this clause applies is, on termination of his or her employment with a transferee company for any reason other than death—\n\t(a)\ttaken for the purposes of the Superannuation Act 1988 (but for no other purpose) to have retired from SGIC or an SGIC subsidiary on the date of termination of employment with the transferee company; and\n\t(b)\tentitled to a benefit under either section 34 or 27 (as may be appropriate) of the Superannuation Act 1988 as modified under subclause (6); and\n\t(c)\tin the case of a new scheme contributor—entitled to a further benefit under section 32A of the Superannuation Act 1988.\n\t(3)\tWhere an old scheme contributor who is a transferred employee and who has reached the age of 55 years as at the transfer date dies after the transfer date, a benefit must be paid in accordance with section 38 of the Superannuation Act 1988 (as modified under subclause (6)).\n\t(4)\tWhere a new scheme contributor who is a transferred employee and who has reached the age of 55 years as at the transfer date dies after the transfer date, a benefit must be paid in accordance with section 32 of the Superannuation Act 1988 (as modified under subclause (6)).\n\t(5)\tWhere a new scheme contributor who is a transferred employee and who has reached the age of 55 years as at the transfer date dies after the transfer date while in the employment of a transferee company, a further benefit must be paid pursuant to section 32A of the Superannuation Act 1988.\n\t(6)\tFor the purposes of subclauses (2), (3) and (4)—\n\t(a)\tthe item FS wherever appearing in sections 32(3) and 34 of the Superannuation Act 1988 has the following meaning—\nFS is the contributor's actual or attributed salary (expressed as an amount per fortnight) immediately before the transfer date adjusted to reflect changes in the Consumer Price Index from the transfer date to the date of termination of the contributor's employment with the transferee company; and\n\t(b)\tthe item FS wherever appearing in sections 27, 32(2), 32(3a), 32(5), and 38 of the Superannuation Act 1988 has the following meaning—\nFS is the contributor's actual or attributed salary (expressed as an annual amount) immediately before the transfer date adjusted to reflect changes in the Consumer Price Index from the transfer date to the date of termination of the contributor's employment with the transferee company; and\n\t(c)\tsection 32(3a)(a)(i)(B) of the Superannuation Act 1988 applies as if amended to read as follows—\n\t(B)\tan amount equivalent to twice the amount of the contributor's actual or attributed salary (expressed as an annual amount) immediately before the transfer date adjusted to reflect changes in the Consumer Price Index from the transfer date to the date of termination of the contributor's employment with the transferee company; and\n\t(d)\tsection 34(5) of the Superannuation Act 1988 applies as if amended to read as follows—\n\t(5)\tThe amount of a retirement pension will be the amount calculated under this section or 75% of the contributor's actual or attributed salary (expressed as an amount per fortnight) immediately before the transfer date adjusted to reflect changes in the Consumer Price Index from the transfer date to the date of termination of the contributor's employment with the transferee company (whichever is the lesser).; and\n\t(e)\tthe expressions transfer date and transferee company in the above provisions have the same meanings as in this Schedule.\n5—State Scheme contributors who have not reached the age of 55 years\n\t(1)\tWithin one month after the transfer date (the election period), a transferred employee who has not reached the age of 55 years as at the transfer date and who is a State Scheme contributor may elect by notice in writing to the Superannuation Board, either—\n\t(a)\tto have paid immediately to the SGIC Fund an amount (to be charged against the transferred employee's contribution account in the State Scheme) equivalent to the balance of the contribution account; or\n\t(b)\tto have his or her accrued superannuation benefits preserved under section 39 or 28 of the Superannuation Act 1988 (whichever may apply to the transferred employee).\n\t(2)\tIf a transferred employee who is a State Scheme contributor fails to make an election under subclause (1) within one month after the transfer date, the employee is taken to have made an election under subclause (1)(a).\n\t(3)\tIf a transferred employee who is a State Scheme contributor makes an election under subclause (1)(a)—\n\t(a)\tthe Treasurer must transfer the amount referred to in subclause (1)(a) to the SGIC Fund to the credit of the account of the transferred employee in that fund; and\n\t(b)\tif the transferred employee is a new scheme contributor, section 32A of the Superannuation Act 1988 will also apply except that any benefit otherwise payable under that section must be paid immediately to the SGIC Fund to the credit of the account of the transferred employee concerned in that fund.\n\t(4)\tOn the making of the payments to the SGIC Fund under subclause (3), the transferred employee concerned ceases to be a State Scheme contributor.\n\t(5)\tIf a transferred employee who is a State Scheme contributor makes an election under subclause (1)(b), the employee will be taken for the purposes of the Superannuation Act 1988 to have elected under section 39 or 28 of that Act (whichever may apply to the employee) to preserve accrued benefits and that section will apply but subject to this Schedule.\n\t(6)\tDespite section 39 or 28 of the Superannuation Act 1988 (whichever may apply to the transferred employee), where accrued benefits are preserved under that section in respect of a transferred employee who is a State Scheme contributor, those benefits are not payable until the transferred employee—\n\t(a)\tceases to be an employee of a transferee company and reaches the age of 55; or\n\t(b)\tdies; or\n\t(c)\tbecomes totally and permanently incapacitated for work and ceases to be an employee of a transferee company.\n\t(7)\tFor the purposes of this clause—\n\t(a)\tthe items AFS and FS wherever appearing in sections 28(4), 28(5) and 39(3) of the Superannuation Act 1988 mean the contributor's actual or attributed salary (expressed as an annual amount) immediately before the transfer date adjusted to reflect changes in the Consumer Price Index from the transfer date to the date of termination of the contributor's employment with the transferee company; and\n\t(b)\tsection 39(6)(b) of the Superannuation Act 1988 applies as if amended to read as follows—\n\t(b)\tthe contributor's actual or attributed salary for the purposes of calculating the pension were that salary immediately before the transfer date adjusted to reflect changes in the Consumer Price Index between the transfer date and the date on which the pension first became payable; and\n\t(c)\tthe expressions transfer date and transferee company in the above provisions have the same meanings as in this Schedule.\n6—Application of certain provisions of the Superannuation Act 1988\nThe provisions of Parts 4 and 5 of the Superannuation Act 1988 are applicable only to the extent that they are made applicable by the operation of the provisions of clauses 3, 4 and 5 of this Schedule.\n7—Extension of time\nIf the Superannuation Board is of opinion that any limitation period referred to in this Schedule would unfairly prejudice a State Scheme contributor, the Superannuation Board may (whether or not the limitation period has expired) extend the period as it applies to the contributor.\n8—Disability pension\nAs from the transfer date, any disability pension payable under either section 30 or 36 of the Superannuation Act 1988 ceases in relation to a transferred employee.\n9—Existing pensions and preserved benefits\n\t(1)\tThe Treasurer may, from time to time determine amounts to be paid by SGIC to the Treasurer having regard to the net present day value of—\n\t(a)\tall pensions continuing to be payable under the Superannuation Act 1988 and all accrued superannuation benefits which have been preserved under that Act in relation to former employees of SGIC or SGIC subsidiaries (other than transferred employees) as at the date of the first transfer of employees of SGIC or an SGIC subsidiary under Part 4 of this Act (the operative date); and\n\t(b)\tall pensions under the Superannuation Act 1988 first payable after the operative date and all accrued benefits which have been preserved under that Act after the operative date in relation to former employees of SGIC or SGIC subsidiaries (other than transferred employees).\n\t(2)\tThe first determination under subclause (1) must be made as soon as practicable after the end of the election period.\n\t(3)\tThe amounts from time to time determined under subclause (1) must be paid forthwith by SGIC to the Treasurer.\n10—Payment by SGIC to trustees and the Treasurer\n\t(1)\tAs soon as practicable after the end of the election period—\n\t(a)\tSGIC must pay to the trustees of the SGIC Fund an amount fixed by the Treasurer (having regard to the net present day value of the accrued benefit under the State Scheme) in relation to each transferred employee who was on the transfer date a State Scheme contributor and who has made an election under either clause 3(1)(a) or 5(1)(a) of this Schedule; and\n\t(b)\tSGIC must pay to the Treasurer an amount fixed by the Treasurer (having regard to the net present day value of all accrued benefits that have been either deferred or preserved) in relation to each transferred employee who was on the transfer date a State Scheme contributor and who has made an election under either clause 3(1)(b) or 5(1)(b) of this Schedule.\n\t(2)\tAn amount paid under subclause (1)(a) must be credited to an account of the transferred employee concerned in the books of the SGIC Fund.\nSchedule 5—Policies subject to Government guarantee and referred to in Part 5\nPart A policies—General insurance\nInsurance policies that are within any of the following categories:\nBaggage Policy\nConstruction Insurance Policy\nMarine (Hull) Policy\nMarine (Cargo) Policy\nMechanical Breakdown Policy\nPluvius Policy\nSGIC Worldwide Travel Insurance\nAussietravelcover Worldwide Travel Insurance\nTravellers' Insurance\nSki Travel Insurance\nTravel Insurance to Kangaroo Island and Wirrina Cove\nSnow Holiday Insurance\nSnow Holiday Insurance [Aussietravelcover]\nTravel Insurance to Lord Howe or Norfolk Island [Oxley Airlines Limited]\nTravel Insurance to Lord Howe or Norfolk Island [Fastbook Holidays]\nTravel Insurance to Tonga, Samoa or Cook Islands\nStatutory Cover Policy (Owner's Policy) [South Australia]\nExtended Benefits Policy (Builder's Policy) [South Australia]\nBuilding Indemnity Insurance Policy [Western Australia]\nResidential Building Work Insurance Policy [Tasmania]\nResidential Building Work Insurance Policy (Owner - Builder Policy) [Tasmania]\nResidential Building Work Insurance Policy [Australian Capital Territory]\nAny fidelity bond or guarantee issued by SGIC or the designated transferee company or to which either of them is a party.\nOther policies that are not within any of the following Parts and are renewable at intervals of not more than 18 months.\nPart B policies—Term life and other insurance\n50 Plus Life Insurance Plan\n(No reference)\n50 Plus Life Insurance Plan\n(WLLTD)\nYearly Renewable Term Life Assurance\n(TYO)\nCPI Adjustable Assurance\n(TIW)\nLevel Term Assurance\n(TLO)\nTerm Life Insurance\n(W)\nTerm Life Insurance\n(5YR1S/M)\nTerm Life Insurance\n(5YR 2S/M 5YR 3S/M)\nTerm Life Insurance Policy\n(5YR2S/M5YR3S/M/KP37126)\nInflation Proof Life Insurance Policy\n(SGL 156 KP 4000 11/91)\nPersonal Superannuation Term Life Policy\n(SGL 157 KP 500 11/91)\nLife and Crisis Care Plan\n(FOR 408/SGL 345/NS/5000/12–93)\nLife and Crisis Care Plan\n(FOR 408/SGL 345/NS 5,001/12–93)\nSGIC Inflation Proof Life Insurance Policy\n(SGL 156 KP 4000 11/91)\nSGIC Funeral Bond\n(FOR 426/SGL 411/1m/NS/9–94)\nThree Way Accident Plan\n(HOS*M HOS*S)\nMajor Accident Plan\n(ACSO ACMO KP29049)\nSGIC Life Cover Plus Living Benefit Policy\n(KP40986/9.94)\nSGIC Accident Income Plan\n(DIS7S/M, DIS8S/M, DIS9S/M and KP33061)\nPay Cheque Plus\n(Dl10S/M, Dl11S/M, Dl12S/M, Dl13S/M and KP35394)\nAccidental Death Plan\n(GAP 01, GAP 02. GAP 03, GAP 04,KP42434/3.95)\nSGIC Major Illness Cash Plan\n(KP38462/4.94)\nWhole of Life Insurance Plan\n(WOL60 WOL50 KP40985/9.94)\nWhole of Life Insurance Plan\n(WOL60 WOL50 KP40302/6.94)\nStatewide Superannuation Trust Group Life Plan (Policy No G006 dated 24 August 1989)\nStatewide Superannuation Trust Group Life Plan (Policy No G006 dated 18 January 1987)\nHindmarsh Building Society Group Mortgage Protection Insurance Scheme (Policy No G003 dated 1 March 1985)\nS Smith & Son Group Life Insurance Policy (Policy No G004 dated 22 November 1993)\nIndependent Schools Superannuation Trust Group Life Insurance Plan (Policy No G005/2 dated 12 February 1991)\nIndependent Schools Superannuation Trust Group Life Insurance Plan (Policy No 0089 dated 29 September 1988)\nMitsubishi Motors Australia Staff Superannuation Fund Group Life Insurance Plan (Policy No G006 dated 1 June 1989)\nMitsubishi Motors Australia Employees' Superannuation Fund Group Life Insurance Plan (Policy No G007 dated 1 June 1989)\nKokums Pacific Pty Limited Group Life Insurance Policy (Policy No G008 dated 26 March 1990)\nHardmart Group Superannuation Fund Group Life Insurance Policy (Policy No 6004285 dated 2 August 1985)\nMitsubishi Motors Australia Executive Group Life Plan (Policy No 6010 dated 1 June 1989)\nMcKechnie Iron Foundry Pty Ltd Group Life Insurance Policy (Policy No G011 dated 20 June 1990)\nNational Jet Systems Pty Ltd Group Life Insurance Policy (Policy No G0012 dated 12 May 1991)\nChevron Glass Group Life Insurance Policy (Policy No G019 dated 17 June 1992)\nFisher Jeffries Equity Partners' Group Life Insurance Policy (Policy No G021 dated 3 November 1993)\nPart C policies—Continuous insurance\nAccident Cash Insurance Policy\n(85–86)\nAccident Cash Insurance Policy with no claim refund after 10 years\n(32, 33, 35, 38)\nPart D policies—Investment contracts—deposits\nPersonal Savings Plan\n(20)\nMoney Certificate\n(SGL 158 KP 500 11/91)\nMoney Certificate\n(SGL 158 KP 2000 6/93)\nMoney Plan Policy\n(FOR 414/SGL 359/1000/NS/2–94)\nSingle Premium Money Certificate (Capital Guaranteed)\n(BOND M/KP 31531)\nSingle Premium Money Certificate (Capital Guaranteed)\n(SGL 159KP 500 11/91)\nInvestment Bond Certificate\n(No reference)\nPersonal Investment Bond Certificate\n(BOND1-SI)\nPersonal Investment Bond Certificate (Capital Guaranteed)\n(BOND2-KP31199)\nPersonal Investment Bond Certificate (Capital Guaranteed)\n(SGL 160KP1000 11/91)\nSuperannuation Bond Certificate\n(SUPBD)\nPersonal Superannuation Bond Certificate (Capital Guaranteed)\n(SGL 161 KP500 11/91)\nPersonal Superannuation Plan\n(25)\nSuperannuation Certificate\n(SUPMY STAFS KP29211)\nPersonal Superannuation Certificate (Capital Guaranteed)\n(SGL 151 KP1500 11/91)\nCapital Guaranteed No Fee Rollover Certificate\n(SGL 152 KP500 11/91)\nRoll-over Deposit Certificate\n(No Reference)\nRoll-over Deposit Certificate\n(Roll-1 S2)\nRollover Deposit Plan Certificate\n(SGL 154 KP 1000 11/91)\nHindmarsh Adelaide Tax Saver Bond\n(No Reference)\nHindmarsh Adelaide Tax Saver Passbook\n(HAPSB)\nPolice Credit Union Tax Advantage Savings Plan\n(PCUSR KP 30187)\nPersonal Superannuation Plan\n(FOR 413/SGL 360/700/NS/2–94\nSGIC Capital Guaranteed Fund Policy\n(BC02)\nPart E policies—Unit investment contracts\nPersonal Investment Bond Policy\n(FOR 375/7/92/2m/SGL 172 NS)\nPersonal Investment Bond Policy\n(FOR 375/SGL 396/1m/NS/6–94)\nPersonal Investment Bond Policy\n(FOR 375/GDSAO/SGL 453 12–94)\nRetirement Plus Account Policy\n(FOR 389/SGL 282/NS/2,000/4–93)\nRetirement Plus Account Policy\n(FOR 389/SGL383/NS/3m/6–94)\nRetirement Plus Account Policy\n(FOR 389/GDSAO/SGL 455 12/94)\nPersonal Superannuation Bond Policy\n(FOR 374/7/92/2m/SGL 174 NS)\nPersonal Superannuation Bond Policy\n(FOR 374/SGL 382/3m/NS/6–94)\nPersonal Superannuation Bond Policy\n(FOR 374/GDSAO/SGL 456 12–94)\nRollover Deposit Plan\n(FOR 376/7/92/2m/SGL 175/NS)\nRollover Deposit Plan Policy\n(FOR 376/SGL 375/3m/NS/6–94)\nRollover Deposit Plan Policy\n(FOR 376/GDSAO/SGL 454 12–94)\nSGIC Managed Fund Policy\n(BC03)\nNote—\nThe code in brackets is SGIC's reference for the policy type.\nLegislative history\nNotes\n\t•\tFor further information relating to the Act and subordinate legislation made under the Act see the Index of South Australian Statutes or www.legislation.sa.gov.au.\nPrincipal Act and amendments\nNew entries appear in bold.\nYear\nNo\nTitle\nAssent\nCommencement\n1995\n47\nSGIC (Sale) Act 1995\n22.6.1995\n1.7.1995 (Gazette 29.6.1995 p2972) except Sch 4—1.5.1995: Sch 4 cl 1(2)\n1995\n—\nproclamation (Gazette 29.6.1995 p2973)\n—\n1.7.1995\nProvisions amended\nNew entries appear in bold.\nEntries that relate to provisions that have been deleted appear in italics.\nProvision\nHow varied\nCommencement\nLong title\namended under Legislation Revision and Publication Act 2002\n\nPt 1\n\n\ns 2\nomitted under Legislation Revision and Publication Act 2002\n\nSchs 1 and 4\nomitted under Legislation Revision and Publication Act 2002\n\nSch 5\n\n\nPt D policies\namended by Gazette 29.6.1995 p2973\n1.7.1995\nPt E policies\namended by Gazette 29.6.1995 p2973\n1.7.1995\n","sortOrder":0}],"analysis":{"summary":{"complexity_score":2,"scope_assessment":{"changed":false,"description":"Scope cannot be assessed as the legislative text was not retrievable. No content was available to compare against any original intent."},"complexity_factors":["No legislative text was retrievable — the source URL returned a 404 Page Not Found error","Only the Act's title and general historical context can be used for analysis","Privatisation Acts of this era typically involve moderate-to-high complexity (asset transfers, employee protections, liability novation), but this cannot be confirmed without the text","The low score reflects the inability to assess actual complexity, not that the Act itself is necessarily simple"],"plain_english_summary":"The SGIC (Sale) Act 1995 appears to have legislated the sale and transfer of the State Government Insurance Commission (SGIC) in South Australia — allocating assets, liabilities, employee entitlements and the legal transition from public to private ownership. It would affect former SGIC staff, policyholders, purchasers and taxpayers because it determines which obligations moved with the business. A complete legal analysis isn’t possible here: the Act’s text wasn’t retrievable from the cited website."},"kimi_summary":{"content_quality":"ok","complexity_score":7,"scope_assessment":{"changed":false,"description":"The legislation appears to maintain its original scope as a privatisation statute. While it contains detailed provisions for guarantees, superannuation, and staff transfers, these are all ancillary mechanisms necessary to effect the sale of a state-owned insurance enterprise. The scope has not expanded beyond the original purpose of facilitating the privatisation of SGIC while managing transition risks."},"complexity_factors":["Extensive cross-referencing with other Acts including the Superannuation Act 1988, State Government Insurance Commission Act 1992, Corporations Law, Income Tax Assessment Act 1936, and Stamp Duties Act 1923","Multiple defined terms in section 3 (approximately 20 defined terms) with some definitions containing nested definitions","Complex conditional logic in Part 5 with five different categories of guaranteed policies (Parts A through E), each with distinct triggering conditions, time limits, and exclusions","Nested exceptions throughout Part 5 — for example, section 21 has a general guarantee, then exceptions in subsection (2), then a separate guarantee in subsection (3) with its own exceptions in subsection (4)","Retrospective and prospective operation provisions (sections 8(3), 9(3), 16(2)) creating temporal complexity","Schedule 3 contains intricate superannuation provisions modifying the Superannuation Act 1988 through deeming provisions and formula substitutions for different age groups and contribution types","Amortisation principle (section 23) creates a sliding scale of guarantee reduction over 5-9 years with five distinct percentage brackets","Multiple mechanisms for transfer — transfer orders, re-transfer orders, sale agreements, proclamations, and automatic operation by force of the Act","Interaction between transferred employees' status under this Act and their status under the Superannuation Act 1988 requiring parallel construction of employment and superannuation law"],"plain_english_summary":"**What this law does:**\n\nThis is the law that privatised the South Australian Government Insurance Commission (SGIC) in 1995. It created a framework to sell off a major state-owned insurance company to private buyers while protecting existing customers and employees.\n\n**Key things the law covers:**\n\n*   **Setting up a new company:** The law allows the government to create \"Newco\" (a new private company) and pump money into it to get it ready for sale.\n*   **Moving the business across:** It lets the Treasurer transfer all of SGIC's assets (things it owns), liabilities (debts and obligations), and staff to this new private company. This happens automatically by force of law — no need for individual contracts to be signed again.\n*   **Protecting customers:** The government guarantees certain existing insurance policies even after the sale. This means if the new private company can't pay out on old policies, the government will step in. The guarantee fades over time (this is called the \"amortisation principle\") and doesn't cover new policies taken out after the sale.\n*   **Protecting workers:** Employees moved to the new company keep their pay, continuous service, and leave entitlements. They can't be forced to move to a job with lower status or unreasonably far away.\n*   **Sorting out superannuation:** Special rules deal with what happens to government employees' pensions when they move to the private sector — they can either move their benefits to the new company's fund or keep them in the government scheme under special terms.\n*   **Tax and money matters:** The law exempts these transfers from stamp duty (a tax on documents), makes sure the government gets the sale proceeds, and requires the new company to pay equivalent taxes to the state before it's fully privatised.\n\n**Who it affects:**\n\n*   **SGIC customers** with existing insurance policies (who get government backing for their claims)\n*   **SGIC employees** (who keep their jobs and entitlements but move to private employment)\n*   **The South Australian Government** (which gets the sale money but takes on some financial risk through the guarantees)\n*   **Buyers of the new company** (who get an established insurance business with government support for legacy policies)\n\n**Why it matters:**\n\nThis law represents a major shift from public to private ownership of essential financial services. It tries to balance the government's desire to sell the business with protecting ordinary people who had bought insurance or worked for the state-owned insurer. The guarantee provisions are particularly significant — they show the government remained on the hook for billions of dollars in potential liabilities even after selling the company, tapering off over nearly a decade."},"flash_summary_failed":{"failed":true,"reason":"A positive credit balance is required for all requests, including BYOK, so fallback providers remain available. Add credits at https://vercel.com/d?to=%2F%5Bteam%5D%2F%7E%2Fai%3Fmodal%3Dtop-up to continue.","source":"analysis-cron"},"flash_summary":{"complexity_score":7,"scope_assessment":{"changed":false,"description":"No. The Act confines its scope to enabling and managing the privatisation of SGIC: transfer/re‑transfer of assets and liabilities (ss8–11), sale of shares and assets (s14), staff transfers with protections (s16) and transitional superannuation rules (Sch 3), plus specified government guarantees (Part 5). It sets procedural limits (transfer period, claim time limits) rather than expanding beyond privatisation mechanics (see ss4,8,17–24,Sch 3)."},"complexity_factors":["Broad discretionary powers vested in the Treasurer and Governor to transfer, re‑transfer and set conditions for assets, liabilities and staff (ss8–11,9,10,16; s36).","Ability to make transfer orders with retrospective effect within a fixed transfer period (ss8(3),9(3),16(2)).","Layered government guarantees differentiated by policy class with detailed temporal limits and an amortisation schedule (Part 5; ss17–23).","Extensive transitional superannuation rules in Schedule 3 with elections, valuation and payment mechanics affecting contributors and trustees.","Statutory overrides and non‑application of other laws, evidentiary presumptions and limits on remedies (ss34,35,11(3),13).","Tax and stamp duty exemptions and requirements for tax‑equivalent payments to the Consolidated Account (s7(3–4),33,31).","Proclamation and regulation powers enabling later additions or classifications (ss5,29,30,36) increasing operational flexibility.","Interactions across corporate, property, trust, employment and insurance law create multi‑domain implementation and compliance burdens."],"plain_english_summary":"This Act sets out the mechanics to privatise the State Government Insurance Commission (SGIC). The Treasurer may transfer SGIC assets, liabilities and staff to a nominated public company (“Newco”), sell shares or assets, set conditions and apply sale proceeds; the Crown may provide capital and guarantees for certain pre‑divestiture policies and investments, subject to time limits and an amortisation schedule (ss7–15,16,17–24). Payments under guarantees are met from the Consolidated Account (s24)."},"issue_detection":{"absurdities":[],"contradictions":[]}},"importantCases":[],"_links":{"self":"/api/acts/sgic-sale-act-1995","history":"/api/acts/sgic-sale-act-1995/history","analysis":"/api/acts/sgic-sale-act-1995/analysis","conflicts":"/api/acts/sgic-sale-act-1995/conflicts","importantCases":"/api/acts/sgic-sale-act-1995/important-cases","documents":"/api/acts/sgic-sale-act-1995/documents"}}