Financial Sector (Transfer and Restructure) Act 1999
Subject to subsection (2), APRA must, in writing (the voluntary transfer approval ), approve a transfer of business if:
(a) APRA considers that application for approval of the transfer has been made in accordance with section 10; and
(b) APRA considers that the transfer has been adequately adopted (see section 13 ) by:
(i) the transferring body; and
(ii) the receiving body; and
(c) APRA considers that the transfer should be approved, having regard to:
(i) the interests of the depositors or policy owners of the transferring body when viewed as a group; and
(ii) the interests of the depositors or policy owners of the receiving body when viewed as a group; and
(iii) the interests of the financial sector as a whole; and
(iv) any other matters that APRA considers relevant; and
(d) where:
(i) the transferring body is established in a State or Territory; and
(ii) the receiving body is established in a State or Territory;
APRA has considered whether legislation to facilitate the transfer that satisfies the requirements of section 14 has been enacted in the State or Territory in which the transferring body is established and the State or Territory in which the receiving body is established; and
(e) either:
(i) the Minister has consented to the transfer; or
(ii) the Minister ' s consent to the transfer is not required (see section 15 ).
View history note
Hide history note11(1A)
To avoid doubt, APRA may make a voluntary transfer approval under this section even if the legislation mentioned in paragraph (1)(d) has not been enacted as mentioned in that paragraph.
11(2)
APRA must not approve the transfer of business if it considers that the transfer should not be approved, having regard to provisions of another Act:
(a) that are prescribed for the purposes of subsection 43(4) ; or
(b) referred to in subsection 43(5) , (6) , (7) or (8) .
11(3)
The voluntary transfer approval must be signed by an authorised APRA officer.
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