Document ID: chunk:federal_register_of_legislation:F2010L02473:body:0:p3
Version: federal_register_of_legislation:F2010L02473
Segment Type: other
Provision Reference: 
Character Range: 5305–8370

transferor's application is prohibited.

 (2) A transferee's authority or transferor's authority for a transfer may, at any time, request the other authority for the transfer to provide a copy of any application form lodged with the other authority.

 (3) If a request is made under clause (2) of this step, the other authority must promptly provide the requesting authority with the document requested, clearly marked as a copy.

 (4) If the transferee's authority decides that the transferee's application is prohibited, the transferee's authority must notify:
 (a) the transferee; and
 (b) the transferor's authority — also advising the transferee's authority of the transaction identification number assigned under paragraph (1) (b) of this step; and
 (c) any broker or other agent engaged to assist in making the proposed transfer;
that the transferee's application is prohibited.

 (5) A notice under clause (4) of this step must include reasons for the decision.

 (6) If the transferor's authority receives a notice under clause (4) of this step, the transferor's authority must promptly inform the transferor of the notice.

 (7) If the transferee's authority decides that the transferee's application is not prohibited, the transferee's authority must notify the transferor's authority:
 (a) of the transaction identification number assigned under paragraph (1) (b) of this step; and
 (b) that the transferee's application is not prohibited.

 (8) The transferee's authority must promptly notify the transferor's authority of any event that results in the transferee's authority subsequently prohibiting the transferee's application.

Step 3 Consideration and finalisation of application by transferor's authority

 (1) When the transferor's authority has received the application forms referred to in paragraph (b) of step 1 and notice from the transferee's authority under clause (7) of step 2, the transferor's authority must promptly:
 (a) note the application in its records; and
 (b) assign a transaction identification number to the transfer; and
 (c) after considering any other matters which the transferor's authority is required to consider, determine whether or not the transferor's application will be approved.

 (2) If the transferor's authority decides that the transferor's application will not be approved, the transferor's authority must notify:
 (a) the transferor; and
 (b) the transferee's authority — also advising the transferor's authority of the transaction identification number assigned under paragraph (1) (b) of this step; and
 (d) any broker or other agent engaged to assist in making the proposed transfer;
that the application will not be approved.

 (3) A notice under clause (2) of this step must include reasons for the decision.

 (4) If the transferor's authority decides that the transferor's application will be approved, the transferor's authority must:
 (a) notify the transferee's authority:
 (i) that the application will be approved; and
 (ii) of the transaction identification number assigned under paragraph