Western Australian Numbered Acts Western Australian Numbered Acts Section 35 is
repealed and the following section inserted instead —
“
35. Control of powers of liquidators of
insurers
(1) The liquidator of
an insurer may exercise his or her powers under section 477 of the
Corporations Act with respect to any claim, judgment, order or award arising
out of or in relation to an employer’s policy issued by the insurer
subject to the following —
(a) the
liquidator may not exercise his or her powers under section 477(1) of the
Corporations Act without the authority of the Insurance Commission;
(b)
section 477(1)(b) applies as if “subject to the provisions of
section 556,” were deleted;
(c)
section 477(2A) and (2B) apply as if the references in them to the
approval of the Court, of the committee of inspection or of a resolution of
the creditors were references to the approval of the Insurance Commission.
(2)
Subsection (1) is declared to be a Corporations legislation displacement
provision for the purposes of section 5G of the Corporations Act in
relation to section 477 of that Act.
”.