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 C - Other matters  

SECTION 839K   RESERVE BANK ' S RULES MAY MAKE SPECIAL PROVISION IN RELATION TO COMPULSORY TRANSFER  

Compulsory transfer of shares

839K(1)    
The Reserve Bank may, by legislative instrument, make rules in relation to any of the following matters in relation to a transfer of shares, or proposed transfer of shares, under this Division:

(a)    the payment to a holder of shares in a target body under this Division of a purchase price for those shares;

(b)    the resolution of disputes involving a holder of shares in a target body under this Division (including the resolution of such disputes by the Federal Court);

(c)    the publication, by the Reserve Bank, the target body and the receiving body, of information relating to a transfer of shares, or proposed transfer of shares, under this Division;

(d)    the freeing of shares in a target body from any trust, liability or other encumbrance when they become shares held by a receiving body;

(e)    any matter incidental to:

(i) a transfer of shares, or proposed transfer of shares, under this Division; or

(ii) any of the other matters mentioned in this subsection.

Compulsory transfer of business

839K(2)    
The Reserve Bank may, by legislative instrument, make rules in relation to any of the following matters in relation to a transfer of business, or proposed transfer of business, under this Division:

(a)    the payment to a target body under this Division of a purchase price for a business;

(b)    the resolution of disputes involving a target body under this Division (including the resolution of such disputes by the Federal Court);

(c)    the publication, by the Reserve Bank, a target body and a receiving body, of information relating to a transfer of business, or proposed transfer of business, under this Division;

(d)    the freeing of assets of a target body from any trust, liability or other encumbrance when they become assets of a receiving body;

(e)    any matter incidental to:

(i) a transfer of business, or proposed transfer of business, under this Division; or

(ii) any of the other matters mentioned in this subsection.

Failure to comply with rules

839K(3)    
A person must comply with the provisions of rules made under this section that apply to the person.

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