Commonwealth Numbered Acts

FINANCIAL SECTOR (TRANSFERS OF BUSINESS) ACT 1999No. 45, 1999 - LONG TITLE

Contents

Part 1--Preliminary 1

1 Short title 1

2 Commencement 2

3 Additional operation of Act 2

4 Definitions 2

5 Act binds the Crown 5

6 External Territories 5

7 Application of Criminal Code 5

Part 2--Overview of Act 6

8 Overview of Act 6

Part 3--Voluntary transfers 8

Division 1--Outline of Part 8

9 Outline of Part 8

Division 2--Approval of voluntary transfers 9

10 Application for approval of voluntary transfer 9

11 Approval of applications 9

12 Consultation about approving the application 10

13 Adequate adoption 11

14 Complementary State or Territory legislation 11

15 Minister's power to decide that his or her consent is not required 12

16 Approval may impose conditions 12

17 Notice of decision 13

Division 3--Process by which voluntary transfers take effect 14

18 Certificate of transfer 14

19 Partial transfer--statement of detail to be provided 15

20 Agreements about matters connected with the transfer 15

21 Notice of decision 15

22 Time and effect of voluntary transfer 16

23 Employment unaffected 18

Part 4--Compulsory transfers 19

Division 1--Outline of Part 19

24 Outline of Part 19

Division 2--Compulsory transfer determinations 20

25 Compulsory transfer determinations 20

26 Consultation about making the determination 22

27 When consent of receiving body is in force 23

28 Complementary State or Territory legislation 23

29 Minister's power to decide that his or her consent is not required 24

30 Agreements about matters connected with the transfer 24

31 Determination may impose conditions 25

32 Notice of determination 26

Division 3--Process by which compulsory transfers take effect 27

33 Certificate of transfer 27

34 Notice of certificate 28

35 Time and effect of compulsory transfer 28

36 Employment unaffected 31

Part 5--Evidentiary certificates 32

37 Certificates evidencing operation of Act etc. 32

38 Certificates in relation to land and interests in land 32

39 Certificates in relation to other assets 33

40 Documents purporting to be certificates 33

Part 6--Miscellaneous 34

41 Information gathering powers 34

42 Compulsory transfer--APRA may provide information to receiving body 34

43 Relationship of Act with other laws etc. 35

44 Compensation for acquisition of property 36

45 Review of decisions 37

46 Transfer rules 38

47 Regulations 38

Financial Sector (Transfers of Business) Act 1999

No. 45, 1999

An Act to provide for transfers of business between some kinds of financial institutions

[ Assented to 17 June 1999 ]

The Parliament of Australia enacts: