Document ID: chunk:federal_register_of_legislation:F2017L01306:body:0:p11
Version: federal_register_of_legislation:F2017L01306
Segment Type: other
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Character Range: 26450–29205

members (including depositors or policy owners) to raise questions and be heard on issues, and whether an independent moderator will be engaged.

    14.  For the purposes of paragraph 13(a) of the Act, if a transferring or receiving body is not incorporated in Australia, the following way of adopting a transfer is prescribed for that body:

       (a)         the transfer is approved by a decision of a senior executive, or a group of senior executives, of the body, being an executive or executives who have been approved by APRA in writing for the purposes of this paragraph; and

       (b)         that decision was taken in accordance with a procedure approved by APRA in writing (APRA having determined that the procedure adequately takes into accounts the interests of the body and members of the body);  and

       (c)         (without limiting paragraph (b)) if APRA determined in writing that certain requirements must be complied with in relation to notice of any meeting, or notice of the proposed transfer (including the content of any  such notice), the body complied with those requirements before adopting the resolution.

   Note For the purposes of paragraph 13(b) of the Act, APRA is unlikely to consider that the adoption of a transfer in this way adequately takes account of the interests of members of the transferring and receiving bodies unless special circumstances are present (although APRA will consider each matter on its merits).  In deciding whether the way of adopting a transfer prescribed in this paragraph does satisfy paragraph 13(b) of the Act, APRA will consult with ASIC, and is likely to consider the matters set out in the note to rule 13 above.

    15.  After the transferring and receiving bodies have adopted the transfer, and before APRA approves the transfer under section 11 of the Act, the transferring and receiving bodies must jointly forward a third letter to APRA.  The letter must be signed by the CEO of each of those bodies, and must:

       (a)         provide evidence that the transfer of business has been adopted by each of the bodies, either by the method proposed in the first letter, or in one of the other ways prescribed; and

       (b)         attach copies of any other regulatory approvals necessary for the transfer.

   Note 1  Evidence of the adoption of the transfer by a body may include, but is not limited to, a copy of the relevant minute of the meeting at which the resolution was passed, certified by the Chairman to be an accurate copy of the minute.

   Note 2  Before proceeding with adequate adoption, applicants should consult with APRA as to whether: (1) APRA is likely to consider that that the adoption of the transfer in that way adequately takes into account