Content of transfer order
15 Content of transfer order
A transfer order may do one or more of the following:
(a) provide that the purchaser is the successor in law of TIO to the extent of so much of the insurance business or banking business as is specified in the order;
provide that all or part of an asset or liability of the vendor:
ceases to be an asset or liability of the vendor; and
becomes an asset or liability of the purchaser;
(c) in relation to an instrument that would, apart from the order, apply to the vendor, provide that the instrument becomes an instrument that:
applies to:
the purchaser instead of the vendor; or
the purchaser as well as the vendor; or
the vendor as if the order had not been made; and
(ii) applies to the purchaser or vendor to the extent set out in the order; and
has effect as modified as set out in the order;
(d) in relation to proceedings to which, apart from the order, the vendor would be a party, provide that:
(i) the purchaser becomes a party to the proceedings in place of the vendor; or
(ii) the purchaser becomes a party to the proceedings, as well as the vendor, to the extent set out in the order; or
(iii) the vendor continues as a party to the proceedings as if the order had not been made;
(e) in relation to a right that would, apart from the order, be available to or against the vendor – provide that the right becomes a right that:
(i) is available to or against the purchaser instead of the vendor; or
(ii) is available to or against the purchaser, as well as the vendor, to the extent set out in the order; or
(iii) continues to be available to or against the vendor as if the order had not been made;
(f) make provision for matters that are incidental to, or consequential on, the order making provision for a matter mentioned in paragraphs (a) to (e) or section 16;
(g) make provision for any other matter in respect of which it is necessary or convenient for provision to be made:
(i) to ensure the effective operation of the transfer order in relation to a matter mentioned in paragraphs (a) to (f) or section 16; or
(ii) to ensure the orderly sale of the insurance business or the sale of the banking business (as the case requires); or
in consequence of, or incidental to, that sale.
Note for subsection (1)(a)
If a transfer order provides that the purchaser is to be the successor in law of TIO as mentioned in subsection (1)(a), the transfer order must also include the provisions required by section 16.
The order may identify something:
by identifying the thing in the order; or
(b) by reference to one or more lists of things included in the insurance sale agreement or banking sale agreement.
(3) The order, or a list mentioned in subsection (2)(b), may identify things individually or as classes of things.
(4) If the order provides for things to be identified by reference to a list, the order may also provide that a matter relating to that thing that subsection (1) or section 16 provides may be set out in the order, may also be set out in the list.
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