Approval to hold the transferring business of a financial sector company

Financial Sector (Shareholdings) Act 1998

TO: Community First Credit Union Limited ABN 80 087 649 938  (the applicant) SINCE

1. the applicant and Manly Warringah Credit Union Limited ABN 81 087 650 299 (the Company) are financial sector companies within the meaning of the Financial Sector (Shareholdings) Act 1998 (the Act); and
2. 100% of the gross assets and liabilities of the Company (the transferring business) are to be transferred to the applicant as a voluntary transfer of business under the Financial Sector (Business Transfer and Group Restructure) Act 1999 (the Business Transfer Act); and

C.                 the applicant has applied to the Treasurer under section 13A of the Act, to hold the transferring business; and

D.                 I am satisfied that it is in the national interest to approve the applicant holding the transferring business,

I, Louis Serret, a delegate of the Treasurer, under subsection 14(1) of the Act, APPROVE the applicant holding the transferring business.

This Approval commences on the date it is signed and remains in force indefinitely. Dated 26 October 2015

[Signed]

Louis Serret General Manager

Specialised Institutions Division Central Region

Interpretation Document ID: 219326

In this Notice

financial sector company has the meaning given in section 3 of the Act.

Note 1

Regulation 6 of the Financial Sector (Transfers of Business) Regulations 1999 provides that, for

subsection 43(4) of the Business Transfer Act, the provisions of the Act apply in relation to a transfer of business as if section 13A were inserted after section 13 of the Act. Section 13A provides that a financial sector company to which more than 15% of the gross assets and liabilities of another financial sector company (the transferring business) is to be transferred under the Act, must apply to the Treasurer for approval to hold the transferring business and that Division 3 of Part 2 of the Act applies to the application as if the transferring business were a separate financial sector company.

Note 2

Under section 14 of the Act, the Treasurer must give written notice of the approval to the applicant

and arrange for a copy of the notice to be published in the Gazette and given to the Company.