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Administered by: Treasury
Published Date 28 Feb 2017

Approval to hold the transferring business of a financial sector company

 

Financial Sector (Shareholdings) Act 1998

 

 

TO: Maritime, Mining & Power Credit Union Limited ABN 11 087 650 315 (the applicant) SINCE

A.                the applicant and Bankstown City Credit Union Ltd ABN 40 087 649 769 (the Company) are financial sector companies within the meaning of the Financial Sector (Shareholdings) Act 1998 (the Act); and

B.                 100% of the gross assets and liabilities of the Company (the transferring business) are to be transferred to the applicant as a voluntary transfer of business under the Financial Sector (Business Transfer and Group Restructure) Act 1999 (the Business Transfer Act); and

C.                 the applicant has applied to the Treasurer under section 13A of the Act, to hold the transferring business; and

D.                I am satisfied that it is in the national interest to approve the applicant holding the transferring business,

 

 

I, Louis Serret, a delegate of the Treasurer, under subsection 14(1) of the Act, APPROVE the applicant holding the transferring business.

 

This Approval commences on the date it is signed and remains in force indefinitely. Dated: 27 February 2017

[Signed]

Louis Serret General Manager

Specialised Institutions Division Central Region

 

Interpretation                                                                                        Document ID: 226355

In this Notice


financial sector company has the meaning given in section 3 of the Act.


Note 1


Regulation 6 of the Financial Sector (Transfers of Business) Regulations 1999 provides that, for


subsection 43(4) of the Business Transfer Act, the provisions of the Act apply in relation to a transfer of business as if section 13A were inserted after section 13 of the Act. Section 13A provides that a financial sector company to which more than 15% of the gross assets and liabilities of another financial sector company (the transferring business) is to be transferred under the Act, must apply to the Treasurer for approval to hold the transferring business and that Division 3 of Part 2 of the Act applies to the application as if the transferring business were a separate financial sector company.


Note 2


Under section 14 of the Act, the Treasurer must give written notice of the approval to the applicant


and arrange for a copy of the notice to be published in the Gazette and given to the Company.