Document ID: chunk:federal_register_of_legislation:C2009A00108:clause:2_601wba
Version: federal_register_of_legislation:C2009A00108
Segment Type: clause
Provision Reference: sch 2 cl 601WBA
Character Range: 87599–89339

601WBA  Compulsory transfer determinations
 (1) If ASIC cancels the licence of a trustee company (the transferring company), ASIC may, in writing, make a determination (a compulsory transfer determination) that there is to be a transfer of estate assets and liabilities from the transferring company to another licensed trustee company (the receiving company).
 (2) ASIC may make a compulsory transfer determination only if:
 (a) either:
 (i) the Minister has consented to the transfer; or
 (ii) the Minister's consent to the transfer is not required (see section 601WBD); and
 (b) ASIC is satisfied that:
 (i) the transfer is in the interests of clients of the transferring company (when viewed as a group); and
 (ii) the transfer is in the interests of clients of the receiving company (when viewed as a group); and
 (iii) the board of the receiving company has consented to the transfer; and
 (iv) legislation to facilitate the transfer that satisfies the requirements of section 601WBC has been enacted in the State or Territory in which the transferring company is registered and the State or Territory in which the receiving company is registered.
 (3) The determination must include particulars of the transfer, including:
 (a) the names of the transferring company and the receiving company; and
 (b) whether it will be a total transfer or a partial transfer of the transferring company's estate assets and liabilities; and
 (c) if it will be a partial transfer—an indication of the part of the transferring company's estate assets and liabilities that is to be transferred.
 (4) The determination must include a statement of the reasons why the determination has been made.
 (5) The determination is not a legislative instrument.