Commonwealth Consolidated Acts Commonwealth Consolidated ActsTotal or partial transfer of business of CS facility licensee
(1) The Reserve Bank may, in writing, make a determination that there is to be a total or partial transfer of business of a CS facility licensee from the licensee (the target body ) to another body corporate (the receiving body ) if:
(a) the Reserve Bank reasonably believes that the transfer is appropriate to manage or respond to a condition in section 831A being satisfied in relation to the licensee; and
(b) the Minister consents to the transfer in writing; and
(c) the Reserve Bank is satisfied that the board of the receiving body consents to the transfer.
Note: An expert report on fair value may be required before taking action: see section 849CB.
Total or partial transfer of business of related body corporate
(2) The Reserve Bank may, in writing, make a determination that there is to be a total or partial transfer of business from a body corporate (the target body ) to another body corporate (the receiving body ) if:
(a) the Reserve Bank has made, or intends to make, a determination under subsection (1) that there is to be a total or partial transfer of business from a CS facility licensee to another body corporate; and
(b) the Reserve Bank reasonably believes that the transfer to the receiving body is appropriate to manage or respond to a condition in section 831A being satisfied in relation to the licensee; and
(c) the target body is, or before the transfer of business from the licensee referred to in paragraph (a) of this subsection was, a related body corporate of the licensee; and
(d) the target body is incorporated in Australia; and
(e) the Minister consents to the transfer in writing; and
(f) the Reserve Bank is satisfied that the board of the receiving body consents to the transfer.
Note: An expert report on fair value may be required before taking action: see section 849CB.
Determination
(3) A determination made under subsection (1) or (2) must include:
(a) particulars of the transfer, including:
(i) the names of the target body and the receiving body; and
(ii) whether it will be a total or a partial transfer; and
(iii) if it will be a partial transfer--an indication of the part of the target body's business that is to be transferred; and
(b) a statement of the reasons why the determination has been made.
(4) A determination made under subsection (1) or (2) is not a legislative instrument.
(5) The Reserve Bank must give a copy of a determination made under subsection (1) or (2) to the target body and the receiving body.