16Transfer of Medibank Private fund to the nominated company

16 Transfer of Medibank Private fund to the nominated company

(1) The Minister may, by writing, formulate a scheme for the transfer of the Medibank Private fund, and the business of that fund, to the nominated company. (2) The scheme must provide that the transfer will occur on the fund‑transfer day. (3) The scheme must provide that the transfer does not affect the continuity of a person’s status as a contributor to the fund. (4) The scheme must require the nominated company to adopt the rules in force under section 8A of the Health Insurance Commission Act 1973 immediately before the fund‑transfer day, subject to such modifications (if any) as are set out in the scheme. However, this subsection does not prevent the rules from being varied by the nominated company after the fund‑transfer day. (5) The scheme may contain such ancillary or incidental provisions as the Minister considers appropriate. (6) The scheme must set out outlines of any declarations, contracts or other arrangements: (a) under which the proposed transfer is to be carried out; or (b) that are otherwise necessary to give effect to the scheme. (7) The scheme has effect accordingly and is binding on all persons. (8) A copy of the scheme is to be published in the Gazette within 14 days after the formulation of the scheme. (9) To avoid doubt, the scheme may be varied or revoked, in accordance with subsection 33(3) of the Acts Interpretation Act 1901, at any time before the fund‑transfer day. (10) This section does not limit section 17, 18 or 19. (11) In this section:

declaration means a declaration under section 17, 18 or 19.