Commonwealth Numbered Acts

FINANCIAL SECTOR (TRANSFERS OF BUSINESS) ACT 1999No. 45, 1999 - SECT 9

(a) receive an application for the transfer from the regulated bodies concerned (the transferring body and the receiving body ) (see section 10); and

(b) approve the application in writing (the voluntary transfer approval ) (see section 11); and

(c) issue a certificate (the certificate of transfer ) stating that the transfer is to take effect (see section 18).

(3) The voluntary transfer approval may impose conditions to be complied with by the transferring body or the receiving body either before or after the certificate of transfer is issued (see section 16).

(4) APRA may only issue the certificate of transfer if specified criteria are met. The certificate must specify when it comes into force (see section 18).

(5) The transfer of business takes effect when the certificate of transfer comes into force (see section 22).