Document ID: chunk:federal_register_of_legislation:C2008A00105:clause:5_7:p1
Version: federal_register_of_legislation:C2008A00105
Segment Type: clause
Provision Reference: sch 5 cl 7 (pt 1/3)
Character Range: 174033–176668

7  Subsection 25(1)
Repeal the subsection, substitute:

Transfer from one ADI to another

 (1) APRA may make a written determination that there is to be a total transfer or partial transfer of business from one ADI to another ADI. APRA may make the determination only if:
 (a) either the Minister has declared under section 25A that a transfer of business should occur from the transferring body to the receiving body or APRA is satisfied that:
 (i) the transferring body has contravened a provision of the Banking Act 1959, any regulations or other instruments made under that Act or conditions imposed under that Act; or
 (ii) the transferring body has informed APRA under subsection 13(3) of the Banking Act 1959 that it considers that it is likely to become unable to meet its obligations, or that it is about to suspend payment; or
 (iii) APRA has appointed a person, under subsection 13A(1) of the Banking Act 1959, to investigate the affairs of the transferring body, or to take control of the body's business; or
 (iv) APRA has appointed an administrator, under subsection 13A(1) of the Banking Act 1959, to take control of the transferring body's business; or
 (v) APRA has appointed a person to investigate and report on prudential matters in relation to the transferring body under subsection 61(1) of the Banking Act 1959; and
 (b) APRA has considered the interests of depositors of the transferring body (when viewed as a group) and considers that, having regard to their interests, it would be appropriate for the transfer to be made; and
 (c) APRA is satisfied that the transfer is appropriate, having regard to the interests of depositors of the receiving body when viewed as a group; and
 (d) the conditions in subsection (2) exist.

Transfer from an ADI to a body corporate that is not an ADI

 (1A) APRA may make a written determination that there is to be a partial transfer of business from an ADI to a body corporate that is not an ADI. APRA may make the determination only if:
 (a) at least one of the following applies:
 (i) the condition in paragraph (1)(a) is met (for the ADI as the transferring body and the body corporate that is not an ADI as the receiving body);
 (ii) APRA has made a determination relating to the transferring body under subsection (1) for the partial transfer of some or all of its regulated business to another ADI (whether or not the transfer provided for in that determination has occurred); and
 (b) APRA has considered the interests of depositors of the transferring body (when viewed as a group) and considers that, having regard to their interests, it would be appropriate for