Document ID: chunk:federal_register_of_legislation:F2017L01306:body:0:p2
Version: federal_register_of_legislation:F2017L01306
Segment Type: other
Provision Reference: 
Character Range: 2715–5608

seek relief from ASIC in relation to the business proposed to be transferred;

        (c)                 any charges registered over the assets of the transferring body can or should be released as part of the transfer process;

        (d)                 where a total transfer of business is proposed, the transferring body will proceed to de-registration, and whether all matters incidental thereto will be addressed, including whether:

           (i)            in the case of a friendly society –  surpluses, including those in the management fund, will be appropriately distributed (for example, either returned to the members at the time of the transfer, or transferred to the receiving body);

           (ii)          in the case of an ADI – capital will be returned to the members or transferred to the receiving body;

           (iii)        any licences, consents, approvals (including those under the Banking Act 1959 or Life Insurance Act 1995), trademarks, business names and any other thing relating to the transferring business will need to be cancelled or (if possible) transferred to the receiving body, or whether the receiving body will need to apply for any such instrument that is not transferable; and

           (iv)         the transferring body will be in a position, after the transfer has taken place, to prepare financial statements for the transferring body and lodge them if required to do so (e.g. in accordance with the Corporations Act 2001, the Financial Sector (Collection of Data) Act 2001 or the Life Insurance Act 1995).  Directors are not relieved of these responsibilities by the transfer of business.

Form and content of applications (subsection 10(2) of the Act)

    4.      Subsection 10(2) of the Act provides that an application for an approval of voluntary transfer must be in the form prescribed by these Rules and must contain or be accompanied by the information required by these Rules.

    5.      Subject to rule 6, an application to APRA under section 10 of the Act for approval of a voluntary transfer of business must be in the form of the three letters described in rules 7 to 10 (inclusive) and rule 15.

    6.      However, APRA may, by writing:

       (a)         require that a body provide information in its application, in addition to that required by rule 5, where APRA considers that the additional material will assist APRA in determining under section 11 of the Act whether to approve the body's application or assist APRA in performing any other function under the Act in relation to the application;

       (b)         waive a requirement for a body to provide particular information in its application where APRA considers that the information is not necessary for APRA to determine under section 11 of the Act whether to approve the body's application or perform any other function under the Act in relation