New South Wales Consolidated Acts

FINANCIAL SECTOR REFORM (NEW SOUTH WALES) ACT 1999 - SECT 10

10 Voluntary transfers

(1) The purpose of this section is to facilitate voluntary transfers of business under Part 3 of the FS(TB) Act for regulated bodies.

(2) This section applies when a certificate of transfer issued under section 18 of the FS(TB) Act comes into force under Division 3 of Part 3 of that Act.

(3) The receiving body is taken to be the successor in law to the transferring body, to the extent of the transfer.

(4) In particular:

(a) if the transfer is a total transfer, all the assets and liabilities of the transferring body become respectively the assets and liabilities of the receiving body without any transfer, conveyance or assignment, and

(b) if the transfer is a partial transfer, all the assets and liabilities of the transferring body included in the list of assets and liabilities specified in the statement of detail become respectively assets and liabilities of the receiving body without any transfer, conveyance or assignment, and

(c) to the extent of the transfer, the duties, obligations, immunities, rights and privileges applying to the transferring body apply to the receiving body.

(5) If there is an approved section 20 statement in relation to the transfer that specifies:

(a) that particular things are to happen or are taken to be the case-those things are taken to happen, or to be the case, in accordance with the statement, or

(b) a mechanism for determining things that are to happen or are taken to be the case-things determined in accordance with that mechanism are taken to happen, or to be the case, as determined in accordance with that mechanism.