Commonwealth Consolidated Acts

FINANCIAL SECTOR (TRANSFER AND RESTRUCTURE) ACT 1999 - SECT 36P

  (1)   This section applies if:

  (a)   the Minister has issued a restructure approval to an operating body; and

  (b)   APRA has issued an internal transfer certificate for the purpose of giving effect to the restructure arrangement; and

  (b)   the restructure instrument issued with the approval has not yet come into force (see section   36H).

Application for amendment of certificate

  (2)   The operating body may apply in writing to APRA for an amendment of the certificate.

  (3)   An application may be made only for the following amendments:

  (a)   to change the nature (or amount) of the assets and liabilities to be transferred;

  (b)   to change the identity of the receiving body;

  (c)   to change the identity of the transferring body.

  (4)   The application must be in the form prescribed by the transfer rules, and must contain or be accompanied by the information required by the transfer rules.

Note:   APRA may impose a charge in respect of the application--see section   51 of the Australian Prudential Regulation Authority Act 1998 .

Decision to amend certificate

  (5)   APRA may, in writing, amend the certificate if it is satisfied that:

  (a)   the application has been made in accordance with subsections   (2), (3) and (4); and

  (b)   the amendment is appropriate for the purpose of giving effect to the restructure arrangement, having regard to the matters mentioned in paragraphs 36C(1)(b) and (c) (restructure approvals--issue).

Notice of decision

  (6)   If APRA amends a certificate under this section, it must give a copy of the amended certificate to each of the following:

  (a)   the transferring body;

  (b)   the receiving body;

  (c)   if the amendment changes the identity of the receiving body--the former receiving body;

  (d)   if the amendment changes the identity of the transferring body--the former transferring body;

  (e)   the operating body (unless the operating body is a body mentioned above);

  (f)   the Minister.

  (7)   If APRA refuses to amend a certificate, it must give written notice of the refusal to each person mentioned in subsection   (6). The notice must include a statement of the reasons why the amendment was refused.

If certificate previously amended

  (8)   For the purposes of this section, a reference to a certificate includes a reference to the certificate as amended under a previous application of this section.