Corporations Act 2001

CHAPTER 7 - FINANCIAL SERVICES AND MARKETS  

Note: This Chapter applies to a CCIV in a modified form: see Division 4 of Part 8B.7 .

PART 7.3B - CRISIS RESOLUTION FOR CS FACILITY LICENSEES  

Division 4 - Compulsory transfer of business or shares  

Subdivision B - Transfer process  

SECTION 838A   CERTIFICATE OF TRANSFER  

838A(1)    
If:

(a)    the Reserve Bank has made a determination under section 837A or 837B that there is to be a transfer; and

(b)    the Reserve Bank reasonably believes that the transfer should go ahead; and

(c)    the consent of the board of the receiving body to the transfer remains in force;

the Reserve Bank must, in writing, issue a certificate stating that the transfer is to take effect.

838A(2)    
The certificate of transfer must:

(a)    include the names of:

(i) the target body; and

(ii) the receiving body; and

(b)    if the determination is made under section 837A :

(i) state whether the transfer is a transfer of all or part of the shares; and

(ii) if the transfer is of part of the shares - include a list of the shares that are being transferred to the receiving body; and

(c)    if the determination is made under section 837B :

(i) state whether the transfer is a total or a partial transfer; and

(ii) if the transfer is a partial transfer - include, or have attached to it, a list of the assets and liabilities that are being transferred to the receiving body; and

(d)    state when the certificate is to come into force (either by specifying a date as the date it comes into force, or by specifying that the date it comes into force is a date worked out in accordance with provisions of the certificate).

838A(3)    
The certificate comes into force in accordance with the statement included in the certificate as required by paragraph (2)(d) .

838A(4)    
The certificate is not a legislative instrument.

Specification of things that are to happen on transfer etc.

838A(5)    
The certificate may include provisions specifying, or specifying a mechanism for determining, other things that are to happen, or that are taken to be the case, in relation to:

(a)    if the determination is made under section 837A - some or all of the shares that are to be transferred; or

(b)    if the determination is made under section 837B - some or all of the assets and liabilities that are to be transferred.

Note: For example, if the target body is the trustee of a trust, the certificate may specify how the trust is to be transferred.

Notice

838A(6)    
The Reserve Bank must:

(a)    give a copy of the certificate to the target body and the receiving body; and

(b)    publish the notice of the issue of the certificate on its website.