Commonwealth Consolidated Acts

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Certificate of transfer

             (1)  If:

                     (a)  ASIC has made a transfer determination; and

                     (b)  ASIC considers that the transfer should go ahead; and

                     (c)  the consent referred to in subparagraph 601WBA(2)(b)(iii) has not been withdrawn under section 601WBB;

ASIC must, in writing, issue a certificate (a certificate of transfer ) stating that the transfer is to take effect.

             (2)  The certificate of transfer must:

                     (a)  include the names of the transferring company and the receiving company; and

                     (b)  for a compulsory transfer determination-- state whether the transfer is a total transfer or a partial transfer; and

                     (c)  if the transfer is a partial transfer--include, or have attached to it, a list of the estate assets and liabilities that are being transferred to the receiving company; and

                    (ca)  for a voluntary transfer determination--state that the transfer is a total transfer; and

                     (d)  state when the certificate is to come into force (either by specifying a date as the date it comes into force, or by specifying that the date it comes into force is a date worked out in accordance with provisions of the certificate).

             (3)  The certificate may include provisions specifying, or specifying a mechanism for determining, other things that are to happen, or that are taken to be the case, in relation to assets and liabilities that are to be transferred, or in relation to the transfer of estate assets and liabilities that is to be effected, whether the transfer is total or partial.

             (4)  The certificate comes into force in accordance with the statement included in the certificate as required by paragraph (2)(d).

             (5)  The certificate is not a legislative instrument.

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