123Certificate that transfer is not to take effect

123 Certificate that transfer is not to take effect

(1) If:

(a) the Reserve Bank has made a determination under section 118 or 119 that there is to be a transfer; and

(b) the Reserve Bank has not issued a certificate under section 125 that the transfer is to take effect; and

(c) either:

(i) the consent of the board of the receiving body to the transfer has been withdrawn; or

(ii) the Reserve Bank decides under subsection (2) of this section that the transfer should not go ahead;

the Reserve Bank must, in writing, issue a certificate stating that the transfer is not to take effect.

(2) The Reserve Bank may decide that the transfer should not go ahead if the Reserve Bank no longer reasonably believes that the transfer is appropriate to manage or respond to the condition in section 90 being satisfied in relation to a designated entity, including because the condition is not satisfied in relation to the entity.

(3) The certificate is not a legislative instrument.

Notice

(4) The Reserve Bank must give a copy of the certificate to the target body and the receiving body.