Financial Sector (Transfer and Restructure) Act 1999
View history note
Hide history noteThis Part deals with proposals by an ADI, general insurer or life insurer (the operating body ) for a restructure arrangement (under Part 5.1 of the Corporations Act 2001 ) that would:
(a) make the operating body a subsidiary of a non-operating holding company ( NOHC ); or
(b) would facilitate compliance by the operating body (or a related body corporate of the operating body) with a requirement under certain directions or prudential standards.
36A(2)
The operating body may apply (under section 36B ) to the Minister for a restructure approval, including a restructure instrument (see section 36G ).
36A(3)
A restructure instrument gives relief to the operating body and related bodies corporate (and some other persons) from certain requirements of the Corporations Act 2001 , as specified in the instrument (see section 36G ).
36A(4)
The Minister must issue the restructure approval if specified criteria are met (see section 36C ). The approval may be issued subject to conditions (see section 36E ).
36A(5)
After the Minister issues the restructure approval, APRA may issue internal transfer certificates for the purpose of giving effect to the restructure arrangement.
36A(6)
An internal transfer certificate enables the transfer of assets or liabilities (or both) between 2 bodies corporate (the transferring body and the receiving body ) that are part of the company group (see section 36L ).
36A(7)
The restructure instrument comes into force when the court order providing for the restructure comes into force, if any applicable conditions of the restructure approval have been satisfied (see sections 36E and 36H ).
36A(8)
Any transfer provided for by an internal transfer certificate comes into force as specified in the certificate (see section 36Q ).
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.
