Document ID: chunk:federal_register_of_legislation:C2024C00606:section:36c
Version: federal_register_of_legislation:C2024C00606
Segment Type: section
Provision Reference: s 36C
Character Range: 82660–84046

36C  Restructure approvals—issued by Minister
 (1) The Minister must, in writing, issue a restructure approval if the Minister is satisfied that:
 (a) application for the approval has been made by an operating body in accordance with section 36B; and
 (b) the restructure arrangement would improve the operating body's ability to meet its prudential requirements; and
 (c) the approval should be issued, having regard to:
 (i) the interests of the depositors or policy owners of the operating body; and
 (ii) the interests of the financial sector as a whole; and
 (iii) any other matters considered relevant.
 (2) The approval must include the following:
 (a) a statement describing the restructure arrangement;
 (b) the restructure instrument;
 (c) any conditions imposed under section 36E.
 (3) The approval authorises APRA to issue one or more internal transfer certificates under section 36M.
 (4) In this section:
prudential requirements, in relation to an operating body, means requirements applying to the body under the following prudential standards determined by APRA:
 (a) if the body is an ADI—standards in force under section 11AF of the Banking Act 1959;
 (b) if the body is a life insurance company—standards in force under section 230A of the Life Insurance Act 1995;
 (c) if the body is a general insurer—standards in force under section 32 of the Insurance Act 1973.