Approval to hold the transferring business of a financial sector company
Financial Sector (Shareholdings) Act 1998
To: Regional Australia Bank Ltd. ABN 21 087 650 360
SINCE:
A the applicant and Holiday Coast Credit Union Ltd ABN 64 087 650 164 (the Company) are financial sector companies within the meaning of the Financial Sector (Shareholdings) Act 1998 (the Act); and
B 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 (Transfer and Restructure) Act 1999 (the 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, Clare Gibney a delegate of the Treasurer, under paragraph 14(1)(a) 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 9 April 2019
[Signed]
Clare Gibney
General Manager
Specialised Institutions Division
Interpretation
In this Notice
financial sector company has the meaning given in section 3 of the Act.
Note 1 Regulation 8 of the Financial Sector (Transfer and Restructure) Regulations 2018 provides that, for subsection 43(4) of the 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 the 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.