Financial Sector (Transfer and Restructure) Act 1999

The Minister must, in writing, issue a restructure approval if the Minister is satisfied that:

application for the approval has been made by an operating body in accordance with section 36B; and

the restructure arrangement would improve the operating body’s ability to meet its prudential requirements; and

the approval should be issued, having regard to:

the interests of the depositors or policy owners of the operating body; and

the interests of the financial sector as a whole; and

any other matters considered relevant.

The approval must include the following:

a statement describing the restructure arrangement;

the restructure instrument;

any conditions imposed under section 36E.

The approval authorises APRA to issue one or more internal transfer certificates under section 36M.

In this section:

if the body is an ADI—standards in force under section 11AF of the Banking Act 1959;

if the body is a life insurance company—standards in force under section 230A of the Life Insurance Act 1995;

if the body is a general insurer—standards in force under section 32 of the Insurance Act 1973.