Document ID: chunk:federal_register_of_legislation:C2024C00606:section:24
Version: federal_register_of_legislation:C2024C00606
Segment Type: section
Provision Reference: s 24
Character Range: 37002–38879

24  Outline of Part
 (1) For a compulsory transfer of business to take effect, APRA must:
 (a) make a determination (the compulsory transfer of business determination) that there is to be a transfer of business between the bodies concerned (the transferring body and the receiving body) (see section 25); and
 (b) issue a certificate (the certificate of transfer) stating that the transfer is to take effect (see section 33).
 (1A) For a compulsory transfer of shares to take effect, APRA must:
 (a) make a determination (the compulsory transfer of shares determination) that there is to be a transfer of shares in a body (the transferring body) to another body (the receiving body) (see section 25AA); and
 (b) issue a certificate (the certificate of transfer) stating that the transfer is to take effect (see section 33).
 (1B) A compulsory transfer of business determination and a compulsory transfer of shares determination are both compulsory transfer determinations.
 (2) APRA may only make a compulsory transfer determination if specified criteria are met (including that APRA is satisfied that the board of directors of the receiving body has consented to the transfer) (see section 25).
 (3) A compulsory transfer determination may impose conditions to be complied with by the transferring body or the receiving body either before or after a certificate of transfer is issued (see section 31).
 (4) APRA may only issue a certificate of transfer for a transfer of shares or for a transfer of business if specified criteria are met. The certificate must specify when it comes into force (see section 33).
 (5) A transfer of business takes effect when the certificate of transfer comes into force (see section 35).
 (6) A transfer of shares takes effect when the certificate of transfer comes into force (see section 35A).

Division 2—Compulsory transfer determinations