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Financial Sector (Transfers of Business) Bill 1999

Part 1 P reliminary

   

1   Short title

                   This Act may be cited as the Financial Sector (Transfers of Business) Act 1999 .

2   Commencement

                   This Act commences on the date that is the transfer date for the purposes of the Financial Sector Reform (Amendments and Transitional Provisions) Act (No. 1) 1999 .

3   Additional operation of Act

                   Without prejudice to its effect apart from this section, this Act also has the effect it would have if each reference to a body corporate were, by express provision, confined to a body corporate that is a corporation to which paragraph 51(xx) of the Constitution applies.

4   Definitions

             (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 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 means a member of APRA’s board of management, including APRA’s Chair and Chief Executive Officer.

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 asset within the meaning of Part IIIA of the Income Tax Assessment Act 1936 .

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—means a certificate issued under section 18; and

                     (b)  in relation to a compulsory transfer—means a certificate issued under section 33.

compulsory transfer determination means a determination made under section 25.

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

                     (a)  it is registered under the Corporations Law of that State or Territory; or

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

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.

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 the Life Insurance Act 1995 .

partial transfer has the meaning given by subsection 8(2).

receiving body means a body to which another body is to transfer, or has transferred, business under this Act.

regulated body means a body corporate that is:

                     (a)  an ADI; or

                     (b)  a life insurance company.

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 ).

regulatory legislation , in relation to a regulated body, means:

                     (a)  for a body that is an ADI—the Banking Act 1959 , including any regulations or other instruments made under that Act, or conditions imposed under that Act; or

                     (b)  for a body that is a life insurance company—the Life Insurance Act 1995 , including any regulations or other instruments made under that Act, or conditions imposed under that Act.

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

total transfer has the meaning given by 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 body that is to transfer, or has transferred, business under this Act.

transfer rules means rules in force under section 46.

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

             (2)  APRA may, in writing, authorise a person who is an APRA board 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.

5   Act binds the Crown

             (1)  This Act binds the Crown in each of its capacities.

             (2)  This Act does not make the Crown liable to be prosecuted for an offence.

6   External Territories

                   This Act extends to every external Territory.

7   Application of Criminal Code

                   The Criminal Code applies to all offences against this Act.