Tower Corporation Act 1990

  • This version was replaced on 2 May 2017 to make a correction to section 21(3) under section 25(1)(j)(iii) of the Legislation Act 2012.

Preamble

Whereas—

(A)

Tower Corporation (formerly known as Government Life Insurance Corporation) (hereinafter called the Corporation) is a corporation aggregate in the form of its Board of Directors established pursuant to the Tower Corporation Act 1987 as successor to the Government Life Insurance Commissioner:

(B)

the Tower Corporation Act 1987 provides for significant Government involvement in the operations of the Corporation, including the right of the Government to appoint the majority of directors of the Corporation and a guarantee by the Government of certain liabilities of the Corporation:

(C)

the Corporation wishes to clarify its status as a mutual association existing for the benefit and subject to the control of its policyholders:

(D)

the Corporation wishes to provide for the possible future restructuring of the Corporation as a company limited by shares subject to court supervision to ensure the allotment of shares in the company proceeds on a basis which is equitable to the members of the Corporation:

(E)

the objects of this Act cannot be attained otherwise than by legislation.