Document ID: chunk:federal_register_of_legislation:C2006C00145:clause:19_15
Version: federal_register_of_legislation:C2006C00145
Segment Type: clause
Provision Reference: sch 19 cl 15
Character Range: 224272–225206

15  Assumption of control of business under section 65

(1) An order in force in relation to an institution immediately before the APRA commencement under section 65 of the old Act continues to have effect after that commencement as if it authorised APRA to assume control of, and to carry on, the institution's business.

(2) If the Reserve Bank is, immediately before the APRA commencement, in control of an institution's business under section 65 of the old Act, the Reserve Bank is to transfer the control of the institution's business to APRA, and the provisions of Subdivision B of Division 2 of the amended Act apply in relation to APRA being in control of the institution's business in accordance with subsection 65(3) of that Act.

(3) The regulations may make provision dealing with how the transfer of control of an institution's business as mentioned in subitem (2) is to occur, or otherwise relating to such a transfer.