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 A - Compulsory transfer of business or shares of body corporate in relation to CS facility licensee in crisis  

SECTION 837E   DETERMINATION MAY IMPOSE CONDITIONS  

837E(1)    
A determination made under section 837A or 837B that there is to be a transfer may impose conditions of either or both of the following kinds:

(a)    conditions to be complied with by the target body or the receiving body before a certificate of transfer is issued in relation to the transfer;

(b)    conditions to be complied with by the target body or the receiving body after a certificate of transfer has been issued or has come into force in relation to the transfer.

837E(2)    
The Reserve Bank may, in writing, vary or revoke any condition of a determination if the Reserve Bank is satisfied that the variation or revocation is appropriate. Each body to which the condition applies must be given notice of the revocation or variation in writing.

837E(3)    
The target body or the receiving body may apply in writing to the Reserve Bank to have a condition of a determination that applies to it varied or revoked.

837E(4)    
The Reserve Bank may, by notice in writing given to the body that made the application, approve the variation or revocation if the Reserve Bank is satisfied that the variation or revocation is appropriate. A variation or revocation that is approved by the Reserve Bank has effect accordingly.

837E(5)    
If:

(a)    a condition is imposed on a body corporate under subsection (1) in relation to a transfer; and

(b)    a certificate issued under section 838A that transfer is to take effect is not in force; and

(c)    the Reserve Bank has not determined under section 837F that the transfer is not to take effect;

the body corporate must comply with the condition.

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

837E(6)    
A body corporate does not commit an offence against this Act merely because the body is complying with a condition imposed under subsection (1) .

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