Financial Sector (Transfer and Restructure) Act 1999

PART 4 - COMPULSORY TRANSFERS  

Division 3 - Process by which compulsory transfers take effect  

SECTION 35A   TIME AND EFFECT OF COMPULSORY TRANSFER - TRANSFER OF SHARES  

35A(1)    
This section applies if a compulsory transfer of shares determination has been made.

35A(2)    
When the certificate of transfer comes into force, all the shares in the transferring body, wherever those shares are located, become shares held by the receiving body without any transfer, conveyance or assignment.

35A(3)    
Furthermore, those shares become shares held by the receiving body free from any trust, liability or other encumbrance.

35A(4)    
If the certificate includes provisions of a kind referred to in subsection 33(3) :

(a) if the provisions specify that particular things are to happen or are taken to be the case - those things are, by force of this section, taken to happen, or to be the case, in accordance with those provisions; and

(b) if the provisions specify a mechanism for determining things that are to happen or are taken to be the case - things determined in accordance with that mechanism are, by force of this section, taken to happen, or to be the case, as determined in accordance with that mechanism.

35A(5)    
If there is an approved section 30 statement in relation to the transfer, then:

(a) if the statement specifies that particular things are to happen or are taken to be the case - those things are, by force of this section, taken to happen, or to be the case, in accordance with the statement; and

(b) if the statement specifies a mechanism for determining things that are to happen or are taken to be the case - things determined in accordance with that mechanism are, by force of this section, taken to happen, or to be the case, as determined in accordance with that mechanism.

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