Financial Sector (Transfer and Restructure) Act 1999
PART 3
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VOLUNTARY TRANSFERS
Division 3
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Process by which voluntary transfers take effect
SECTION 20
AGREEMENTS ABOUT MATTERS CONNECTED WITH THE TRANSFER
20(1)
The transferring body or the receiving body, or both of those bodies, may provide APRA with a written statement specifying, or specifying a mechanism for determining, things that are to happen, or that are taken to be the case, in relation to assets and liabilities that are to be transferred, or in relation to the transfer of business that is to be effected.
20(2)
APRA may, in writing, approve the statement before issuing the certificate of transfer if APRA is satisfied that:
(a) the statement has been agreed to by the transferring body and the receiving body; and
(b) the matters specified in the statement are appropriate.
The transferring body or the receiving body, or both of those bodies, may provide APRA with a written statement specifying, or specifying a mechanism for determining, things that are to happen, or that are taken to be the case, in relation to assets and liabilities that are to be transferred, or in relation to the transfer of business that is to be effected.
Note:
If the transfer is a partial transfer, the statement may be included with the statement of detail under section 19 .
20(2)
APRA may, in writing, approve the statement before issuing the certificate of transfer if APRA is satisfied that:
(a) the statement has been agreed to by the transferring body and the receiving body; and
(b) the matters specified in the statement are appropriate.
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