Financial Sector (Transfer and Restructure) Act 1999

PART 4 - COMPULSORY TRANSFERS  

Division 3 - Process by which compulsory transfers take effect  

SECTION 33   CERTIFICATE OF TRANSFER  

33(1)    
If:

(a) APRA has made a compulsory transfer determination; and

(b) APRA considers that the transfer should go ahead; and

(c) the consent referred to in paragraph 25(2)(d) or 25AA(3)(a) is still in force (see section 27 );

APRA must, in writing, issue a certificate (a certificate of transfer ) stating that the transfer is to take effect.

33(2)    
The certificate must:

(a) include the names of the transferring body and the receiving body; and

(b) in the case of a transfer of business - state whether the transfer is a total transfer or a partial transfer; and

(c) in the case of a transfer of business that is a partial transfer - include, or have attached to it:

(i) a list of the assets and liabilities of the transferring body that are being transferred to the receiving body; and

(ii) any approved section 30 statement; and

(d) state when the certificate is to come into force (either by specifying a date as the date it comes into force, or by specifying that the date it comes into force is a date worked out in accordance with provisions of the certificate); and

(e) be signed by an authorised APRA officer.

33(3)    
The certificate may include provisions specifying, or specifying a mechanism for determining, other things that are to happen, or that are taken to be the case:

(a) in the case of a transfer of business - in relation to assets and liabilities that are to be transferred, or in relation to the transfer of business that is to be effected, whether the transfer is total or partial; or

(b) in the case of a transfer of shares - in relation to shares that are to be transferred, or in relation to the transfer of shares that is to be effected.

33(4)    
The certificate comes into force in accordance with the statement included in the certificate as required by paragraph (2)(d).