Financial Sector (Transfer and Restructure) Act 1999

PART 4A - RESTRUCTURES  

Division 3 - Restructure instruments  

SECTION 36G   WHAT IS A RESTRUCTURE INSTRUMENT ?  

36G(1)    
A restructure instrument included in a restructure approval is an instrument in relation to an operating body that gives relief (as mentioned in subsection (2)) to:

(a) if the restructure approval relates to a restructure arrangement covered by subparagraph 36B(1)(b)(i) - any or all of the following, as specified in the instrument:

(i) the NOHC that is the subject of the restructure approval;

(ii) any body corporate related to that NOHC;

(iii) if the instrument specifies a requirement in Division 1 of Part 2J.1 of the Corporations Act 2001 - any other person involved in complying with the requirement; or

(b) if the restructure approval relates to a restructure arrangement covered by subparagraph 36B(1)(b)(ii) - any or all of the following, as specified in the instrument:

(i) the operating body;

(ii) any body corporate related to the operating body;

(iii) if the instrument specifies a requirement in Division 1 of Part 2J.1 of the Corporations Act 2001 - any other person involved in complying with the requirement.

36G(2)    
The Minister may specify in the instrument:

(a) that the bodies and persons specified in the instrument are given relief from specified requirements of Division 1 of Part 2J.1 , or Part 2J.2 , of the Corporations Act 2001 , in accordance with the instrument; and

(b) the extent (if any) to which the bodies specified in the instrument are given relief from the requirement in section 254T of that Act.

Note 1:

Division 1 of Part 2J.1 of the Corporations Act 2001 deals with restrictions in share capital. Part 2J.2 of that Act deals with self-acquisition and control of shares.

Note 2:

Section 254T of that Act provides that dividends may only be paid if:

(a) the company ' s assets are sufficiently in excess of its liabilities immediately before the dividend is declared; and

(b) the payment of the dividend is fair and reasonable to the company ' s shareholders as a whole and does not materially prejudice the company ' s ability to pay its creditors.

Note 3:

For the legal effect of the instrument, see section 36J.

36G(3)    
A restructure instrument is not a legislative instrument.