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Financial Sector (Transfer and Restructure) Act 1999
In force
Administered by
Department of the Treasury
Superseded version
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C2023C00255 (C20)
15 September 2023
-
13 October 2024
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Table of contents
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Part 1—Preliminary
1 Short title
2 Commencement
3 Additional operation of Act
4 Definitions
4A Related body corporate
4B Relevant group of bodies corporate
5 Act binds the Crown
6 External Territories
7 Application of Criminal Code
7A Application of sections 8 and 8A of the APRA Act
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Part 2—Overview of Act
8 Overview of Act
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Part 3—Voluntary transfers
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Division 1—Outline of Part
9 Outline of Part
Division 2—Approval of voluntary transfers
10 Application for approval of voluntary transfer
11 Approval of applications
12 Consultation about approving the application
13 Adequate adoption
14 Complementary State or Territory legislation
15 Minister’s power to decide that his or her consent is not required
16 Approval may impose conditions
17 Notice of decision
Division 3—Process by which voluntary transfers take effect
18 Certificate of transfer
19 Partial transfer—statement of detail to be provided
20 Agreements about matters connected with the transfer
21 Notice of decision
22 Time and effect of voluntary transfer
23 Employment unaffected
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Part 4—Compulsory transfers
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Division 1—Outline of Part
24 Outline of Part
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Division 2—Compulsory transfer determinations
25 Compulsory transfer of business determinations
25AA Compulsory transfer of shares determinations
25A Ministerial declaration that compulsory transfer should occur in relation to ADI
26 Consultation about making the determination
27 When consent of receiving body is in force
28 Complementary State or Territory legislation
29 Minister’s power to decide that his or her consent is not required
30 Agreements about matters connected with the transfer
31 Determination may impose conditions
32 Notice of determination
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Division 3—Process by which compulsory transfers take effect
33 Certificate of transfer
34 Notice of certificate
35 Time and effect of compulsory transfer—transfer of business
35A Time and effect of compulsory transfer—transfer of shares
36 Employment unaffected
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Division 4—Effect of compulsory transfer on contracts
36AA Compulsory transfer not ground for denial of obligations
36AB Partial transfer of netting contracts void
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Division 5—Special provisions relating to compulsory transfers of shares
36AC Application of Division
36AD Extended meaning of share
36AE Regulations may make special provision in relation to compulsory transfer of shares
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Part 4A—Restructures
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Division 1—Outline of Part
36A Outline of Part
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Division 2—Restructure approvals
36B Restructure approvals—application
36C Restructure approvals—issued by Minister
36D Restructure approvals—consultation
36E Restructure approvals—conditions
36F Restructure approvals—notice of decision
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Division 3—Restructure instruments
36G What is a restructure instrument?
36H Restructure instruments—coming into force
36J Restructure instruments—legal effect
36K Restructure instruments—amendment
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Division 4—Internal transfer certificates
36L What is an internal transfer certificate?
36M Internal transfer certificates—issue
36N Internal transfer certificates—notice of decision
36P Internal transfer certificates—amendment
36Q Internal transfer certificates—coming into force
36R Internal transfer certificates—legal effect
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Division 5—Engagements of employees and contractors
36S Employment and contracts for services unaffected
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Part 5—Evidentiary certificates
37 Certificates evidencing operation of Act etc.
38 Certificates in relation to land and interests in land
39 Certificates in relation to other assets
40 Documents purporting to be certificates
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Part 6—Miscellaneous
41 Information gathering powers
42 Compulsory transfer—APRA may provide information to receiving body
43 Relationship of Act with other laws etc.
43A Transfers of Australian regulated business of foreign body
44 Compensation for acquisition of property
45 Review of decisions
46 Transfer rules
47 Regulations
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Endnotes
Endnote 1—About the endnotes
Endnote 2—Abbreviation key
Endnote 3—Legislation history
Endnote 4—Amendment history