Commonwealth Consolidated Acts

FINANCIAL SECTOR (TRANSFER AND RESTRUCTURE) ACT 1999 - NOTES

No. 45, 1999

Compilation No. 21

Compilation date: 14 October 2024

Includes amendments: Act No. 38, 2024

About this compilation

This compilation

This is a compilation of the Financial Sector (Transfer and Restructure) Act 1999 that shows the text of the law as amended and in force on 14 October 2024 (the compilation date).

The notes at the end of this compilation (the endnotes) include information about amending laws and the amendment history of provisions of the compiled law.

Uncommenced amendments

The effect of uncommenced amendments is not shown in the text of the compiled law. Any uncommenced amendments affecting the law are accessible on the Register (www.legislation.gov.au). The details of amendments made up to, but not commenced at, the compilation date are underlined in the endnotes. For more information on any uncommenced amendments, see the Register for the compiled law.

Application, saving and transitional provisions for provisions and amendments

If the operation of a provision or amendment of the compiled law is affected by an application, saving or transitional provision that is not included in this compilation, details are included in the endnotes.

Editorial changes

For more information about any editorial changes made in this compilation, see the endnotes.

Modifications

If the compiled law is modified by another law, the compiled law operates as modified but the modification does not amend the text of the law. Accordingly, this compilation does not show the text of the compiled law as modified. For more information on any modifications, see the Register for the compiled law.

Self-repealing provisions

If a provision of the compiled law has been repealed in accordance with a provision of the law, details are included in the endnotes.

Contents

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

Part 2--Overview of Act

8 Overview of Act

Part 3--Voluntary transfers

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

Part 4--Compulsory transfers

Division 1--Outline of Part

24 Outline of Part

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

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

Division 4--Effect of compulsory transfer on contracts

36AA Compulsory transfer not ground for denial of obligations

36AB Partial transfer of netting contracts void

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

Part 4A--Restructures

Division 1--Outline of Part

36A Outline of Part

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

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

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

Division 5--Engagements of employees and contractors

36S Employment and contracts for services unaffected

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

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

Endnotes

Endnote 1--About the endnotes

Endnote 2--Abbreviation key

Endnote 3--Legislation history

Endnote 4--Amendment history

Endnotes

Endnote 1--About the endnotes

The endnotes provide information about this compilation and the compiled law.

The following endnotes are included in every compilation:

Endnote 1--About the endnotes

Endnote 2--Abbreviation key

Endnote 3--Legislation history

Endnote 4--Amendment history

Abbreviation key--Endnote 2

The abbreviation key sets out abbreviations that may be used in the endnotes.

Legislation history and amendment history--Endnotes 3 and 4

Amending laws are annotated in the legislation history and amendment history.

The legislation history in endnote 3 provides information about each law that has amended (or will amend) the compiled law. The information includes commencement details for amending laws and details of any application, saving or transitional provisions that are not included in this compilation.

The amendment history in endnote 4 provides information about amendments at the provision (generally section or equivalent) level. It also includes information about any provision of the compiled law that has been repealed in accordance with a provision of the law.

Editorial changes

The Legislation Act 2003 authorises First Parliamentary Counsel to make editorial and presentational changes to a compiled law in preparing a compilation of the law for registration. The changes must not change the effect of the law. Editorial changes take effect from the compilation registration date.

If the compilation includes editorial changes, the endnotes include a brief outline of the changes in general terms. Full details of any changes can be obtained from the Office of Parliamentary Counsel.

Misdescribed amendments

A misdescribed amendment is an amendment that does not accurately describe how an amendment is to be made. If, despite the misdescription, the amendment can be given effect as intended, then the misdescribed amendment can be incorporated through an editorial change made under section 15V of the Legislation Act 2003.

If a misdescribed amendment cannot be given effect as intended, the amendment is not incorporated and "(md not incorp)" is added to the amendment history.

Endnote 2--Abbreviation key

 

ad = added or inserted	o = order(s)
am = amended	Ord = Ordinance
amdt = amendment	orig = original
c = clause(s)	par = paragraph(s)/subparagraph(s)
C[x] = Compilation No. x	/sub-subparagraph(s)
Ch = Chapter(s)	pres = present
def = definition(s)	prev = previous
Dict = Dictionary	(prev ... ) = previously
disallowed = disallowed by Parliament	Pt = Part(s)
Div = Division(s)	r = regulation(s)/rule(s)
ed = editorial change	reloc = relocated
exp = expires/expired or ceases/ceased to have	renum = renumbered
effect	rep = repealed
F = Federal Register of Legislation	rs = repealed and substituted
gaz = gazette	s = section(s)/subsection(s)
LA = Legislation Act 2003	Sch = Schedule(s)
LIA = Legislative Instruments Act 2003	Sdiv = Subdivision(s)
(md) = misdescribed amendment can be given	SLI = Select Legislative Instrument
effect	SR = Statutory Rules
(md not incorp) = misdescribed amendment	Sub-Ch = Sub-Chapter(s)
cannot be given effect	SubPt = Subpart(s)
mod = modified/modification	underlining = whole or part not
No. = Number(s)	commenced or to be commenced

Endnote 3--Legislation history

 

Act	Number and year	Assent	Commencement	Application, saving and transitional provisions
Financial Sector (Transfers of Business) Act 1999	45, 1999	17 June 1999	1 July 1999 (s 2)
Corporations (Repeals, Consequentials and Transitionals) Act 2001	55, 2001	28 June 2001	s 4-14 and Sch 3 (items 192-194): 15 July 2001 (s 2(1), (3))	s 4-14
Financial Sector Legislation Amendment Act (No. 1) 2002	37, 2002	26 June 2002	Sch 3: 27 June 2002 (s 2(1) item 2)	--
Australian Prudential Regulation Authority Amendment Act 2003	42, 2003	24 June 2003	Sch 2 (items 8-10): 1 July 2003 (s 2(1) item 2)	--
Tax Laws Amendment (Repeal of Inoperative Provisions) Act 2006	101, 2006	14 Sept 2006	Sch 2 (item 80) and Sch 6 (items 1, 6-11): 14 Sept 2006 (s  2(1) items 2, 4)	Sch 6 (items 1, 6-11)
Financial Sector Legislation Amendment (Trans-Tasman Banking Supervision) Act 2006	147, 2006	6 Dec 2006	Sch 1 (item 24): 6 Dec 2006 (s 2)	--
Financial Sector Legislation Amendment (Restructures) Act 2007	117, 2007	28 June 2007	Sch 1 and Sch 3 (items 2-9): 28 June 2007 (s 2)	--
Financial Sector Legislation Amendment (Simplifying Regulation and Review) Act 2007	154, 2007	24 Sept 2007	Sch 4 (items 35, 36): 24 Sept 2007 (s 2(1) item 7)	--
Financial System Legislation Amendment (Financial Claims Scheme and Other Measures) Act 2008	105, 2008	17 Oct 2008	Sch 5: 18 Oct 2008 (s 2(1) item 3)	Sch 5 (item 19)
Fair Work (State Referral and Consequential and Other Amendments) Act 2009	54, 2009	25 June 2009	Sch 18 (item 4): 1 July 2009 (s 2(1) item 41)	--
Financial Sector Legislation Amendment (Enhancing Supervision and Enforcement) Act 2009	75, 2009	27 Aug 2009	Sch 1 (item 202): 27 Feb 2010 (s 2(1) item 2)	--
Corporations Amendment (Corporate Reporting Reform) Act 2010	66, 2010	28 June 2010	Sch 1 (item 55): 28 June 2010 (s 2(1) item 5)	--
Financial Sector Legislation Amendment (Prudential Refinements and Other Measures) Act 2010	82, 2010	29 June 2010	Sch 4 (item 4): 30 June 2010 (s 2(1) item 12) Sch 4 (items 5, 6): 27 July 2010 (s 2(1) item 13)	--
Trade Practices Amendment (Australian Consumer Law) Act (No. 2) 2010	103, 2010	13 July 2010	Sch 6 (items 1, 61): 1 Jan 2011 (s 2(1) items 3, 5)	--
Statute Law Revision Act (No. 1) 2016	4, 2016	11 Feb 2016	Sch 4 (items 1, 168): 10 Mar 2016 (s 2(1) item 6)	--
Financial System Legislation Amendment (Resilience and Collateral Protection) Act 2016	43, 2016	4 May 2016	Sch 1 (items 40-42, 48): 1 June 2016 (s 2(1) item 2)	Sch 1 (item 48)
Statute Update Act 2016	61, 2016	23 Sept 2016	Sch 2 (item 44): 21 Oct 2016 (s 2(1) item 1)	--
Financial Sector Legislation Amendment (Crisis Resolution Powers and Other Measures) Act 2018	10, 2018	5 Mar 2018	Sch 4: 5 Mar 2018 (s 2(1) item 2)	--
Treasury Laws Amendment (2019 Measures No. 1) Act 2019	49, 2019	5 Apr 2019	Sch 4 (items 61, 62): 6 Apr 2019 (s 2(1) item 11)	--
Financial Accountability Regime (Consequential Amendments) Act 2023	68, 2023	14 Sept 2023	Sch 1 (item 34): 15 Sept 2023 (s 2(1) item 2)	--
Administrative Review Tribunal (Consequential and Transitional Provisions No. 1) Act 2024	38, 2024	31 May 2024	Sch 1 (item 62): 14 Oct 2024 (s 2(1) item 2)	--

Endnote 4--Amendment history

 

Provision affected	How affected
Title....................	am No 117, 2007; No 10, 2018
Part 1
s 1.....................	rs No 117, 2007
	am No 10, 2018
s 4.....................	am No 55, 2001; No 42, 2003; No 101, 2006; No 117, 2007; No 105, 2008; No  75, 2009; No 43, 2016; No 10, 2018
s 4A....................	ad No 10, 2018
s 4B....................	ad No 10, 2018
s 7A....................	ad No 147, 2006
Part 2
s 8.....................	am No 117, 2007; No 105, 2008; No 10, 2018
Part 3
Division 1
s 9.....................	am No 10, 2018
Division 2
s 11....................	am No 10, 2018; No 49, 2019
s 12....................	am No 37, 2002
s 14....................	am No 10, 2018; No 49, 2019
s 16....................	am No 4, 2016; No 61, 2016
Part 4
Division 1
s 24....................	am No 105, 2008; No 10, 2018
Division 2
s 25....................	am No 105, 2008; No 82, 2010; No 10, 2018
s 25AA..................	ad No 10, 2018
s 25A...................	ad No 105, 2008
	rs No 10, 2018
s 26....................	am No 10, 2018
s 27....................	am No 10, 2018
s 28....................	am No 10, 2018
	ed C18
s 29....................	am No 10, 2018
s 30....................	am No 10, 2018
s 31....................	am No 4, 2016; No 61, 2016; No 10, 2018
s 32....................	am No 10, 2018
Division 3
s 33....................	am No 10, 2018
s 35....................	am No 10, 2018
s 35A...................	ad No 10, 2018
s 36....................	am No 10, 2018
	ed C18
Division 4
Division 4................	ad No 105, 2008
s 36AA..................	ad No 105, 2008
	am No 43, 2016
	rs No 10, 2018
s 36AB..................	ad No 43, 2016
Division 5
Division 5................	ad No 10, 2018
s 36AC..................	ad No 10, 2018
s 36AD..................	ad No 10, 2018
s 36AE..................	ad No 10, 2018
Part 4A
Part 4A..................	ad No 117, 2007
Division 1
s 36A...................	ad No 117, 2007
	am No 10, 2018
	ed C18
Division 2
s 36B...................	ad No 117, 2007
	am No 10, 2018; No 68, 2023
s 36C...................	ad No 117, 2007
	am No 82, 2010
s 36D...................	ad No 117, 2007
s 36E...................	ad No 117, 2007
	am No 10, 2018
s 36F...................	ad No 117, 2007
Division 3
s 36G...................	ad No 117, 2007
	am No 66, 2010; No 10, 2018
s 36H...................	ad No 117, 2007
s 36J....................	ad No 117, 2007
s 36K...................	ad No 117, 2007
Division 4
s 36L...................	ad No 117, 2007
	rs No 10, 2018
s 36M...................	ad No 117, 2007
s 36N...................	ad No 117, 2007
s 36P...................	ad No 117, 2007
s 36Q...................	ad No 117, 2007
s 36R...................	ad No 117, 2007
Division 5
s 36S...................	ad No 117, 2007
Part 5
s 37....................	am No 10, 2018
s 39....................	am No 55, 2001
Part 6
s 41....................	am No 117, 2007; No 10, 2018
s 42....................	am No 10, 2018
s 43....................	am No 117, 2007; No 105, 2008; No 54, 2009; No 103, 2010; No 10, 2018
s 43A...................	ad No 10, 2018
s 44....................	am No 105, 2008
s 45....................	am No 117, 2007; No 38, 2024
s 46....................	am No 154, 2007