Summary
Implements certain recommendations of the Report on Reforms for Cooperatives, Mutuals and Member-owned Firms (the Hammond report) by amending the: Corporations Act 2001 to: introduce a definition of 'mutual entity'; clarify for transferring financial institutions and friendly societies that the demutualisation provisions apply only if an entity no longer meets the new definition of a mutual entity; provide for mutual capital instruments as a new bespoke capital instrument for mutual entities; and provide for eligible mutual entities to amend their constitutions by a standardised process to take advantage of the new arrangements; and Financial Sector (Shareholdings) Act 1998, Income Tax Assessment Act 1936, Income Tax Assessment Act 1997 and Insurance Acquisitions and Takeovers Act 1991 to make consequential amendments.