Financial Sector (Transfer and Restructure) Act 1999

PART 4A - RESTRUCTURES  

Division 2 - Restructure approvals  

SECTION 36C   RESTRUCTURE APPROVALS - ISSUED BY MINISTER  

36C(1)    
The Minister must, in writing, issue a restructure approval if the Minister is satisfied that:

(a) application for the approval has been made by an operating body in accordance with section 36B ; and

(b) the restructure arrangement would improve the operating body ' s ability to meet its prudential requirements; and

(c) the approval should be issued, having regard to:

(i) the interests of the depositors or policy owners of the operating body; and

(ii) the interests of the financial sector as a whole; and

(iii) any other matters considered relevant.

36C(2)    
The approval must include the following:

(a) a statement describing the restructure arrangement;

(b) the restructure instrument;

(c) any conditions imposed under section 36E .

36C(3)    
The approval authorises APRA to issue one or more internal transfer certificates under section 36M .

36C(4)    
In this section:

prudential requirements
, in relation to an operating body, means requirements applying to the body under the following prudential standards determined by APRA:

(a) if the body is an ADI - standards in force under section 11AF of the Banking Act 1959 ;

(b) if the body is a life insurance company - standards in force under section 230A of the Life Insurance Act 1995 ;

(c) if the body is a general insurer - standards in force under section 32 of the Insurance Act 1973 .