Victorian Consolidated Legislation

Financial Sector Reform (Victoria) Act 1999 - SECT 11

Compulsory transfers

11. Compulsory transfers



(1) The purpose of this section is to facilitate compulsory transfers of
business under Part 4 of the FS(TB) Act for regulated bodies.

(2) This section applies when a certificate of transfer issued under section
33 of the FS(TB) Act comes into force under Division 3 of Part 4 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 that are included in the list, referred to in
        section 33(2)(c) of the FS(TB) Act, included in, or attached to, the
        certificate of transfer 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 the certificate of transfer includes provisions of a kind referred to
in section 33(3) of the FS(TB) Act specifying-

   (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
        those provisions; 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.





(6) If there is an approved section 30 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.