Financial Sector (Transfer and Restructure) Act 1999
For a compulsory transfer of business to take effect, APRA must:
(a) make a determination (the compulsory transfer of business determination ) that there is to be a transfer of business between the bodies concerned (the transferring body and the receiving body ) (see section 25 ); and
(b) issue a certificate (the certificate of transfer ) stating that the transfer is to take effect (see section 33 ).
View history note
Hide history note24(1A)
For a compulsory transfer of shares to take effect, APRA must:
(a) make a determination (the compulsory transfer of shares determination ) that there is to be a transfer of shares in a body (the transferring body ) to another body (the receiving body ) (see section 25AA ); and
(b) issue a certificate (the certificate of transfer ) stating that the transfer is to take effect (see section 33 ).
24(1B)
A compulsory transfer of business determination and a compulsory transfer of shares determination are both compulsory transfer determinations .
24(2)
APRA may only make a compulsory transfer determination if specified criteria are met (including that APRA is satisfied that the board of directors of the receiving body has consented to the transfer) (see section 25 ).
24(3)
A compulsory transfer determination may impose conditions to be complied with by the transferring body or the receiving body either before or after a certificate of transfer is issued (see section 31 ).
24(4)
APRA may only issue a certificate of transfer for a transfer of shares or for a transfer of business if specified criteria are met. The certificate must specify when it comes into force (see section 33 ).
24(5)
A transfer of business takes effect when the certificate of transfer comes into force (see section 35 ).
24(6)
A transfer of shares takes effect when the certificate of transfer comes into force (see section 35A ).
Disclaimer and notice of copyright applicable to materials provided by CCH Australia Limited
CCH Australia Limited ("CCH") believes that all information which it has provided in this site is accurate and reliable, but gives no warranty of accuracy or reliability of such information to the reader or any third party. The information provided by CCH is not legal or professional advice. To the extent permitted by law, no responsibility for damages or loss arising in any way out of or in connection with or incidental to any errors or omissions in any information provided is accepted by CCH or by persons involved in the preparation and provision of the information, whether arising from negligence or otherwise, from the use of or results obtained from information supplied by CCH.
The information provided by CCH includes history notes and other value-added features which are subject to CCH copyright. No CCH material may be copied, reproduced, republished, uploaded, posted, transmitted, or distributed in any way, except that you may download one copy for your personal use only, provided you keep intact all copyright and other proprietary notices. In particular, the reproduction of any part of the information for sale or incorporation in any product intended for sale is prohibited without CCH's prior consent.
