Financial Sector (Transfer and Restructure) Act 1999

Subject to subsections (4), (5), (6), (7), (8), (9), (9A) and (10), this Act has effect in spite of anything in any law of the Commonwealth or of a State or Territory, or in any contract, deed, undertaking, agreement or other instrument.

For the effect of a certificate of transfer, see sections 22 and 35.

Subject to subsections (4), (5), (6), (7), (8), (9), (9A) and (10), nothing done by or under this Act:

places a receiving body, a transferring body or another person in breach of contract or confidence or otherwise makes any of them guilty of a civil wrong; or

places a receiving body, a transferring body or another person in breach of:

any law of the Commonwealth or of a State or Territory; or

any contractual provision prohibiting, restricting or regulating the assignment or transfer of any asset or liability or the disclosure of any information; or

releases any surety, wholly or partly, from all or any of the surety’s obligations.

Without limiting subsection (1), but subject to subsections (4), (5), (6), (7), (8), (9), (9A) and (10), if, apart from this Act, the advice or consent of a person would be necessary in a particular respect, the advice is taken to have been obtained or the consent is taken to have been given, as the case requires.

The regulations may provide that some or all of the provisions of another Act (not being provisions referred to in subsection (5), (6), (7) or (8)) apply in relation to the transfer of business or transfer of shares that takes effect or may take effect under this Act, or in relation to a restructure that takes effect or may take effect under this Act, with the modifications (if any) specified in the regulations. The regulations have effect accordingly. Nothing in this section limits the operation of those provisions (as they have effect subject to any modifications specified in the regulations).

Nothing in this Act limits the operation of any of the provisions of the Privacy Act 1988.

Subject to subsection (9A), nothing in this Act limits the operation of any of the provisions of the Competition and Consumer Act 2010.

Nothing in this Act limits the operation of any of the provisions of the Fair Work Act 2009, the Fair Work (Registered Organisations) Act 2009, or the Fair Work (Transitional Provisions and Consequential Amendments) Act 2009.

Nothing in this Act limits the operation of section 63 of the Banking Act 1959.

For the purposes of section 50 and related provisions of the Competition and Consumer Act 2010 a transfer of business (whether voluntary or compulsory), a transfer of shares, or a transfer pursuant to an internal transfer certificate, that takes effect under this Act is taken to be:

to the extent that the transfer is of shares in the capital of a body corporate—an acquisition of the shares by the receiving body; and

to the extent that the transfer is of other assets—an acquisition of those assets by the receiving body.

For the purposes of the acquisitions provisions (within the meaning of the Competition and Consumer Act 2010):

a transfer of business (whether voluntary or compulsory), a transfer of shares, or a transfer pursuant to an internal transfer certificate, that takes effect under this Act is taken to be:

to the extent that the transfer is of shares in the capital of a body corporate—an acquisition of the shares by the receiving body; and

to the extent that the transfer is of other assets—an acquisition of those assets by the receiving body; and

if the transfer is a transfer under Part 4 of this Act—the acquisition is not required to be notified under Division 2 of Part IVA of the Competition and Consumer Act 2010.

For the purposes of the acquisitions provisions, the receiving body is the principal party to the acquisition.

For the purposes of subsection 51(1) of the Competition and Consumer Act 2010, the following things are specified and specifically authorised:

a transfer of business or transfer of shares under Part 4;

anything done to enable or facilitate a transfer of business or transfer of shares under Part 4 (including an agreement referred to in section 30).

The provisions of this Act and the provisions:

prescribed for the purposes of subsection (4); or

referred to in subsection (5), (6), (7) or (8);