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 837F   DETERMINATION THAT TRANSFER IS NOT TO TAKE EFFECT  

837F(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 has not issued a certificate under section 838A that the transfer is to take effect; and

(c)    either:

(i) the consent of the board of the receiving body to the transfer has been withdrawn; or

(ii) the Reserve Bank decides under subsection (2) of this section that that the transfer should not go ahead;

the Reserve Bank must, in writing, issue a certificate stating that the transfer is not to take effect.

837F(2)    
The Reserve Bank may decide that the transfer should not go ahead if the Reserve Bank no longer reasonably believes that the transfer is appropriate to manage or respond to the condition in section 831A being satisfied in relation to a CS facility licensee, including because the condition is not satisfied in relation to the licensee.

837F(3)    
The certificate is not a legislative instrument.

Notice

837F(4)    
The Reserve Bank must give a copy of the certificate to the target body and the receiving body.