Financial Sector (Transfer and Restructure) Act 1999

PART 1 - PRELIMINARY  

SECTION 4   DEFINITIONS  

4(1)    

In this Act, the following words and expressions have the meanings set out below:

ADI
(authorised deposit-taking institution) means a body corporate that is an ADI for the purposes of the Banking Act 1959 .

approved netting arrangement
has the same meaning as in the Payment Systems and Netting Act 1998 .

approved section 20 statement
means a statement given to APRA under subsection 20(1) in relation to which an approval under subsection 20(2) is in force.

approved section 30 statement
means a statement given to APRA under subsection 30(1) in relation to which an approval under subsection 30(2) is in force.

APRA
means the Australian Prudential Regulation Authority.

APRA board member
(Repealed by 42 of 2003)

APRA member
has the same meaning as in the Australian Prudential Regulation Authority Act 1998 .

APRA staff member
has the same meaning as in the Australian Prudential Regulation Authority Act 1998 .

asset
means property, or a right, of any kind, and includes:

(a) any legal or equitable estate or interest (whether present or future, vested or contingent, tangible or intangible, in real or personal property) of any kind; and

(b) any chose in action; and

(c) any right, interest or claim of any kind including rights, interests or claims in or in relation to property (whether arising under an instrument or otherwise, and whether liquidated or unliquidated, certain or contingent, accrued or accruing); and

(d) any CGT asset within the meaning of the Income Tax Assessment Act 1997 .

Australian business assets and liabilities
, of a body corporate that is a foreign ADI, a foreign general insurer or an eligible foreign life insurance company, means the following:

(a) the assets and liabilities of the body corporate in Australia;

(b) any other rights and liabilities of the body corporate that:

(i) are related to its operations in Australia; and

(ii) if regulations are made for the purposes of this subparagraph - are of a kind specified in those regulations.

authorised APRA officer
, when used in a particular provision of this Act, means a person authorised under subsection (2) to perform or exercise the functions or powers of an authorised APRA officer under that provision.

business
in relation to a body, includes the assets and liabilities of the body.

certificate of transfer
:

(a) in relation to a voluntary transfer of business - means a certificate issued under section 18 ; and

(b) in relation to a compulsory transfer of business - means a certificate issued under section 33 ; and

(c) in relation to a compulsory transfer of shares - means a certificate issued under section 33 .

close-out netting contract
has the same meaning as in the Payment Systems and Netting Act 1998 .

compulsory transfer determination
means:

(a) a compulsory transfer of business determination; or

(b) a compulsory transfer of shares determination.

compulsory transfer of business determination
means a determination under section 25 .

compulsory transfer of shares determination
means a determination under section 25AA .

eligible foreign life insurance company
has the same meaning as in the Life Insurance Act 1995 .

established
- a body is established in a State or Territory if:

(a) it is registered under the Corporations Act 2001 and is taken, under section 119A or subsection 1378(4) of that Act, to be registered in that State or Territory; or

(b) it is established by or under a law of that State or Territory.

foreign ADI
has the same meaning as in the Banking Act 1959 .

foreign general insurer
has the same meaning as in the Insurance Act 1973 .

general insurer
has the meaning given by the Insurance Act 1973 .

holding company
, of a body corporate, means another body corporate of which the first body corporate is a subsidiary.

instrument
includes a document and an oral agreement.

interest
, in relation to land, includes:

(a) a legal or equitable estate or interest in the land; or

(b) a right, power or privilege over, or in relation to, the land.

internal transfer certificate
has the meaning given by section 36L .

liability
includes a duty or obligation of any kind (whether arising under an instrument or otherwise, and whether actual, contingent or prospective).

life insurance company
means a body corporate that is registered under section 21 of the Life Insurance Act 1995 .

market netting contract
has the same meaning as in the Payment Systems and Netting Act 1998 .

NOHC
is short for non-operating holding company.

non-operating holding company
, of a body corporate, has the same meaning as in the Banking Act 1959 .

operating body
has the meaning given by section 36B .

partial transfer
means a transfer of business described in subsection 8(2) .

receiving body
means:

(a) in relation to a transfer of business under Part 3 or 4 - a body corporate to which another body corporate is to transfer, or has transferred, business under that Part; or

(aa) in relation to a transfer of shares under Part 4 - a body corporate to which shares in another body corporate are to be transferred, or have been transferred under that Part; or

(b) in relation to an internal transfer certificate (see section 36L ) - a body corporate to which another body corporate is to transfer, or has transferred, assets or liabilities under the certificate.

regulated body
means a body corporate that is:

(a) an ADI; or

(b) a life insurance company; or

(c) a general insurer.

regulated business
in relation to a regulated body, means:

(a) for a body that is an ADI - the body ' s banking business (within the meaning of the Banking Act 1959 ); or

(b) for a body that is a life insurance company - the body ' s life insurance business (within the meaning of the Life Insurance Act 1995 ); or

(c) for a body that is a general insurer - the body ' s insurance business (within the meaning of the Insurance Act 1973 ).

regulatory legislation
(Repealed by No 105 of 2008)

related
(Repealed by No 10 of 2018)

related body corporate
, in relation to a body corporate, means a body corporate that is related to the first-mentioned body, as determined in accordance with section 4A .

relevant group of bodies corporate
has the meaning given by section 4B .

restructure approval
has the meaning given by section 36B .

restructure arrangement
has the meaning given by section 36B .

restructure instrument
has the meaning given by section 36G .

statement of detail
, in relation to a partial transfer, means a statement that satisfies the requirements of section 19 .

subsidiary
, of a body corporate, means a body corporate that is a subsidiary of the first body by virtue of Division 6 of Part 1.2 of the Corporations Act 2001 .

total transfer
means a transfer of business described in subsection 8(3) .

transferred asset
, in relation to a receiving body, means an asset that has become, under this Act, an asset of the receiving body.

transferred liability
, in relation to a receiving body, means a liability that has become, under this Act, a liability of the receiving body.

transferring body
means:

(a) in relation to a transfer of business under Part 3 or 4 - a body corporate that is to transfer, or that has transferred, business under that Part; or

(aa) in relation to a transfer of shares under Part 4 - a body corporate, shares in which are to be transferred, or have been transferred, to another body corporate under that Part; or

(b) in relation to an internal transfer certificate (see section 36L ) - a body corporate that is to transfer, or that has transferred, assets or liabilities under the certificate.

transfer rules
means rules in force under section 46 .

voluntary transfer approval
means an instrument of approval under section 11 .

4(2)    

APRA may, in writing, authorise a person who is an APRA member, or an APRA staff member, to perform or exercise the functions or powers of an authorised APRA officer under a particular provision of this Act.