Financial Sector (Transfer and Restructure) Act 1999

For a compulsory transfer of business to take effect, APRA must:

make a determination (the compulsory transfer of business determination) that there is to be a transfer of business between the bodies concerned (the transferring body and the receiving body) (see section 25); and

issue a certificate (the certificate of transfer) stating that the transfer is to take effect (see section 33).

For a compulsory transfer of shares to take effect, APRA must:

make a determination (the compulsory transfer of shares determination) that there is to be a transfer of shares in a body (the transferring body) to another body (the receiving body) (see section 25AA); and

issue a certificate (the certificate of transfer) stating that the transfer is to take effect (see section 33).

A compulsory transfer of business determination and a compulsory transfer of shares determination are both compulsory transfer determinations.

APRA may only make a compulsory transfer determination if specified criteria are met (including that APRA is satisfied that the board of directors of the receiving body has consented to the transfer) (see section 25).

A compulsory transfer determination may impose conditions to be complied with by the transferring body or the receiving body either before or after a certificate of transfer is issued (see section 31).

APRA may only issue a certificate of transfer for a transfer of shares or for a transfer of business if specified criteria are met. The certificate must specify when it comes into force (see section 33).

A transfer of business takes effect when the certificate of transfer comes into force (see section 35).

A transfer of shares takes effect when the certificate of transfer comes into force (see section 35A).