19Severability

#### 19 Severability (1) If this Act would be wholly or partly invalid apart from this subsection, this Act has effect as if each reference in this Act to an Australian‑registered insurance company were, by express provision, confined to an Australian‑registered insurance company that: (a) carries on as its sole or principal business the business of insurance; or (b) carries on as its principal business the business of banking; or (c) is a financial or trading corporation formed within the limits of the Commonwealth (within the meaning of paragraph 51(xx) of the Constitution); or (d) is a foreign corporation (within the meaning of paragraph 51(xx) of the Constitution); or (e) is incorporated in a Territory.