Corporations Act 2001

CHAPTER 5D - LICENSED TRUSTEE COMPANIES  

PART 5D.6 - ASIC-APPROVED TRANSFERS OF ESTATE ASSETS AND LIABILITIES  

Division 2 - Transfer of estate assets and liabilities  

SECTION 601WBE   DETERMINATIONS MAY IMPOSE CONDITIONS  

601WBE(1)   [ Kinds of conditions]  

The transfer determination may impose conditions of either or both of the following kinds:

(a) conditions to be complied with by the transferring company or the receiving company before a certificate of transfer is issued in relation to the transfer of estate assets and liabilities;

(b) conditions to be complied with by the transferring company or the receiving company after a certificate of transfer has been issued or has come into force in relation to the transfer of estate assets and liabilities.

601WBE(2)   [ ASIC may vary or revoke condition]  

ASIC may, by notice in writing given to the transferring company or the receiving company, vary or revoke any condition of a determination if ASIC is satisfied that the variation or revocation is appropriate.

601WBE(3)   [ Company may apply to have condition varied or revoked]  

The transferring company or the receiving company may apply in writing to ASIC to have a condition of a kind referred in paragraph (1)(b) that applies to it varied or revoked.

601WBE(4)   [ ASIC may approve the variation or revocation if appropriate]  

ASIC may, by notice in writing given to the company that made the application, approve the variation or revocation if ASIC is satisfied that the variation or revocation is appropriate. A variation or revocation that is approved by ASIC has effect accordingly.

601WBE(5)   [ Compliance with conditions]  

The transferring company or the receiving company must comply with any conditions that are imposed under subsection (1) as conditions to be complied with by that company.

Note: Failure to comply with this subsection is an offence (see subsection 1311(1) ).

601WBE(6)   [ Compliance with condition is not committing an offence against Act]  

The transferring company or the receiving company does not commit an offence against this Act merely because the company is complying with a condition imposed under subsection (1).

Note: A defendant bears an evidential burden in relation to the matter in subsection (6), see subsection 13.3(3) of the Criminal Code .