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Financial Sector (Transfers of Business) Bill 1999

 

 

 

 

Financial Sector (Transfers of Business) Act 1999

 

No. 45, 1999



 

 

 

 

Financial Sector (Transfers of Business) Act 1999

 

No. 45, 1999

 

 

 

 

An Act to provide for transfers of business between some kinds of financial institutions

   

   

   



Contents

Part 1—Preliminary                                                                                                                1

1............ Short title............................................................................................ 1

2............ Commencement.................................................................................. 2

3............ Additional operation of Act............................................................... 2

4............ Definitions.......................................................................................... 2

5............ Act binds the Crown.......................................................................... 5

6............ External Territories............................................................................. 5

7............ Application of Criminal Code ............................................................ 5

Part 2—Overview of Act                                                                                                      6

8............ Overview of Act................................................................................. 6

Part 3—Voluntary transfers                                                                                               8

Division 1—Outline of Part                                                                                        8

9............ Outline of Part.................................................................................... 8

Division 2—Approval of voluntary transfers                                                     9

10.......... Application for approval of voluntary transfer................................. 9

11.......... Approval of applications................................................................... 9

12.......... Consultation about approving the application................................. 10

13.......... Adequate adoption........................................................................... 11

14.......... Complementary State or Territory legislation.................................. 11

15.......... Minister’s power to decide that his or her consent is not required.. 12

16.......... Approval may impose conditions.................................................... 12

17.......... Notice of decision............................................................................. 13

Division 3—Process by which voluntary transfers take effect              14

18.......... Certificate of transfer........................................................................ 14

19.......... Partial transfer—statement of detail to be provided........................ 15

20.......... Agreements about matters connected with the transfer................... 15

21.......... Notice of decision............................................................................. 15

22.......... Time and effect of voluntary transfer............................................... 16

23.......... Employment unaffected................................................................... 18

Part 4—Compulsory transfers                                                                                        19

Division 1—Outline of Part                                                                                      19

24.......... Outline of Part.................................................................................. 19

Division 2—Compulsory transfer determinations                                        20

25.......... Compulsory transfer determinations................................................ 20

26.......... Consultation about making the determination.................................. 22

27.......... When consent of receiving body is in force...................................... 23

28.......... Complementary State or Territory legislation.................................. 23

29.......... Minister’s power to decide that his or her consent is not required.. 24

30.......... Agreements about matters connected with the transfer................... 24

31.......... Determination may impose conditions............................................. 25

32.......... Notice of determination.................................................................... 26

Division 3—Process by which compulsory transfers take effect          27

33.......... Certificate of transfer........................................................................ 27

34.......... Notice of certificate.......................................................................... 28

35.......... Time and effect of compulsory transfer........................................... 28

36.......... Employment unaffected................................................................... 31

Part 5—Evidentiary certificates                                                                                    32

37.......... Certificates evidencing operation of Act etc..................................... 32

38.......... Certificates in relation to land and interests in land.......................... 32

39.......... Certificates in relation to other assets.............................................. 33

40.......... Documents purporting to be certificates.......................................... 33

Part 6—Miscellaneous                                                                                                        34

41.......... Information gathering powers........................................................... 34

42.......... Compulsory transfer—APRA may provide information to receiving body           34

43.......... Relationship of Act with other laws etc........................................... 35

44.......... Compensation for acquisition of property....................................... 36

45.......... Review of decisions.......................................................................... 37

46.......... Transfer rules.................................................................................... 38

47.......... Regulations....................................................................................... 38

 



Financial Sector (Transfers of Business) Act 1999

No. 45, 1999

 

 

 

An Act to provide for transfers of business between some kinds of financial institutions

[ Assented to 17 June 1999 ]

The Parliament of Australia enacts: