Financial Sector (Transfer and Restructure) Act 1999

PART 3 - VOLUNTARY TRANSFERS  

Division 2 - Approval of voluntary transfers  

SECTION 16   APPROVAL MAY IMPOSE CONDITIONS  

16(1)    
The voluntary transfer approval may impose conditions of either or both of the following kinds:

(a) conditions to be complied with by the transferring body or the receiving body before a certificate of transfer is issued in relation to the transfer of business;

(b) conditions to be complied with by the transferring body or the receiving body after a certificate of transfer has been issued or has come into force in relation to the transfer of business.

Note 1:

Failure to comply with a condition referred to in paragraph (a) will mean that a certificate of transfer cannot be issued (see subsection 18(1) ).

Note 2:

Failure to comply with a condition referred to in paragraph (b) will not prevent the issue of a certificate of transfer, but will be an offence under subsection (4).

16(2)    
The transferring body or the receiving body may apply in writing to APRA to have a condition that applies to it varied or revoked.

16(3)    
APRA may, by notice in writing given to the body that made the application, approve the variation or revocation if it is satisfied that the variation or revocation is appropriate. A variation or revocation that is approved by APRA has effect accordingly.

16(4)    
The transferring body or the receiving body commits an offence if:

(a) a condition of a kind referred to in paragraph (1)(b) applies to that body; and

(b) that body fails to comply with the condition.

Penalty for contravention of this subsection: 200 penalty units.

Note 1:

Chapter 2 of the Criminal Code sets out the general principles of criminal responsibility.

Note 2:

If a body corporate is convicted of an offence against this subsection, subsection 4B(3) of the Crimes Act 1914 allows a court to impose a fine of up to 5 times the penalty stated above.