601WBB
In forceWhen consent of receiving company is in force
Volume 3Chapter 5A, Part 5A.1 to Chapter 6D, Part 6D.5 sections 601 to 742
Chapter 5DLicensed trustee companies
Part 5D.6ASIC‑approved transfers of estate assets and liabilities
Division 2Transfer of estate assets and liabilities
601WBB When consent of receiving company is in force
(1)
The consent referred to in subparagraph 601WBA(2)(b)(iii) remains in force until it is withdrawn by the receiving company’s board with the agreement of ASIC.
(2)
ASIC may agree to the consent being withdrawn if ASIC considers it appropriate to allow the consent to be withdrawn having regard to any of the following:
(a)
circumstances that have arisen since the consent was given;
(b)
circumstances that were in existence at or before the time when the consent was given but that were not known to the receiving company’s board when it gave its consent;
(c)
any other relevant matter.
This Act’s bill:Explanatory memorandumSecond reading speech
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