Financial Sector (Transfer and Restructure) Act 1999

PART 3 - VOLUNTARY TRANSFERS  

Division 3 - Process by which voluntary transfers take effect  

SECTION 18   CERTIFICATE OF TRANSFER  

18(1)    
If APRA:

(a) has made a voluntary transfer approval; and

(b) considers that all conditions of a kind referred to in paragraph 16(1)(a) that are imposed by the approval have been complied with; and

(c) if the transfer is a partial transfer - has been given a statement of detail in relation to the partial transfer (see section 19 ); and

(d) is not aware of any reason why the transfer should not go ahead;

APRA must, in writing, issue a certificate (a certificate of transfer ) stating that the transfer is to take effect.

18(2)    
The certificate must:

(a) include the names of the transferring body and the receiving body; and

(b) state whether the transfer is a total transfer or a partial transfer; and

(c) if it is a partial transfer - include, or have attached to it:

(i) the statement of detail (see section 19 ); and

(ii) any approved section 20 statement; and

(d) subject to subsection (3), state when the certificate is to come into force (either by specifying a date as the date it comes into force, or by specifying that the date it comes into force is a date worked out in accordance with provisions of the certificate); and

(e) be signed by an authorised APRA officer.

18(3)    
APRA must, in deciding when the certificate is to come into force, take into account the wishes of the transferring body and the receiving body.

18(4)    
The certificate comes into force in accordance with the statement included in the certificate as required by paragraph (2)(d).