Financial Sector (Transfer and Restructure) Act 1999

An internal transfer certificate issued in accordance with a restructure approval comes into force, in respect of each asset and liability to be transferred:

at the time (the restructure time) the restructure instrument included in the approval comes into force (see section 36H); or

if the certificate states that it is to come into force (in any respect) after the restructure time—at the earlier of the following times:

the time stated in (or worked out under) the certificate for the asset or liability; or

the time that is 12 months after the restructure time; or

at a time approved under this section.

However, an internal transfer certificate comes into force, in respect of any particular asset or liability to be transferred, only if any conditions mentioned in paragraph 36E(1)(b) to which the restructure approval is subject have been satisfied in relation to the transfer of that asset or liability before the time mentioned in subsection (1) in relation to that asset or liability.

On a written application by the transferring body and the receiving body, APRA may, in writing, approve a time later than the time worked out under subsection (1) for the internal transfer certificate to come into force in respect of any specified asset or liability, if APRA considers the variation appropriate.

APRA cannot approve a time under subsection (3) for the internal transfer certificate to come into force (in any respect) that is later than the time that is 12 months after the restructure time.

APRA must give a copy of the approval under subsection (3) to each of the following:

the transferring body;

the receiving body;

the operating body (unless the operating body is the transferring body or the receiving body);

the Minister.

If APRA refuses an application under subsection (3), it must give written notice to each person mentioned in subsection (5). The notice must include a statement of the reasons why the application was refused.