Reversal of transfer order – failure to complete sale
25 Reversal of transfer order – failure to complete sale
This section applies if:
(a) a transfer order has taken effect in relation to the sale of the insurance business or the sale of the banking business (the initial order); and
(b) the Minister is satisfied that completion of the sale in accordance with the insurance sale agreement or the banking sale agreement (as the case requires) has not occurred.
(2) The Minister may make another transfer order (a reversal order) under section 14 to reverse the effect of the initial order.
In relation to a reversal order:
sections 15, 22 and 23 apply as if:
(i) references in those sections to the vendor were references to the purchaser; and
(ii) references in those sections to the purchaser were references to the vendor; and
(b) in addition to the matters mentioned in section 15(1), the order may make provision for any other matter in respect of which it is necessary or convenient for provision to be made to put any person affected by the initial order into the position the person would have been in had the initial order not been made.
(4) The Minister cannot make a reversal order more than 14 days after the insurance sale date or banking sale date (as the case requires).
(5) A reversal order has retrospective operation to the insurance sale date or banking sale date (as the case requires).
(6) However, to the extent to which the order has retrospective operation, it does not operate to the disadvantage of a person (other than the purchaser or vendor) by:
decreasing the person's rights; or
imposing liabilities on the person.
This Act’s bill:Explanatory statementSecond reading speech
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