Financial Sector Reform (Amendments and Transitional Provisions) Act (No. 1) 1999 (44 of 1999)

Schedule 8   Transitional, saving and application provisions

Part 1   Transitional provisions relating to transfer from State and Territory regulatory regimes

Division 3   Transfer of assets and liabilities

5   Transfer of assets

(1) A transfer agreement may determine that all or any of the following things happen on a specified date, not being a date before the transfer date:

(a) specified assets vest in APRA, or in ASIC, without any conveyance, transfer or assignment;

(b) specified instruments in relation to specified assets continue to have effect after the assets vest in APRA, or in ASIC, as if specified references in the instruments were references to APRA, or to ASIC, as the case requires;

(c) APRA or ASIC becomes the previous owner's successor in law in relation to specified assets immediately after the assets vest in APRA, or in ASIC.

Note: Assets or instruments may be specified by description, by inclusion in a specified class or in some other way.

(2) The agreement has effect accordingly, to the extent that it is within the Commonwealth's legislative power to give the agreement that effect.

(3) This item does not prevent assets being transferred to APRA or ASIC otherwise than in accordance with a transfer agreement.

(4) In this item:

assets includes records.