Victorian Consolidated Legislation

Financial Sector Reform (Victoria) Act 1999 - SECT 10

Voluntary transfers

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 of 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.