Financial Sector (Transfer and Restructure) Act 1999

This section applies if the Minister issues a restructure approval.

APRA may, in writing, issue an internal transfer certificate if it is satisfied that the transfer is, and the terms of the transfer are, appropriate for the purpose of giving effect to the restructure arrangement (as described in the approval), having regard to:

the application for the restructure approval; and

any additional information given by the operating body; and

the matters mentioned in paragraphs 36C(1)(b) and (c) (restructure approvals—issue).

The certificate must:

include the names of the transferring body and the receiving body; and

include a statement of all the assets and liabilities of the transferring body that are to be transferred to the receiving body; and

if the certificate is to come into force (in any respect) after the restructure instrument comes into force (see section 36H)—state a time or a method for working out when it comes into force in respect of each asset and liability to be transferred; and

be signed by an authorised APRA officer.

APRA must, in deciding when the certificate is to come into force in respect of each asset and liability to be transferred, take into account the wishes of the transferring body and the receiving body.

For when the certificate comes into force, see section 36Q.

APRA may impose a charge in respect of the issue of the certificate—see section 51 of the Australian Prudential Regulation Authority Act 1998.