125Certificate of transfer

125 Certificate of transfer

(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 reasonably believes that the transfer should go ahead; and

(c) the consent of the board of the receiving body to the transfer remains in force;

the Reserve Bank must, in writing, issue a certificate stating that the transfer is to take effect.

(2) The certificate of transfer must:

(a) include the names of:

(i) the target body; and

(ii) the receiving body; and

(b) if the determination is made under section 118:

(i) state whether the transfer is a transfer of all or part of the shares; and

(ii) if the transfer is of part of the shares—include a list of the shares that are being transferred to the receiving body; and

(c) if the determination is made under section 119:

(i) state whether the transfer is a total or a partial transfer; and

(ii) if the transfer is a partial transfer—include, or have attached to it, a list of the assets and liabilities that are being transferred to the receiving body; 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 comes into force in accordance with the statement included in the certificate as required by paragraph (2)(d).

(4) The certificate is not a legislative instrument.

Specification of things that are to happen on transfer etc.

(5) 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:

(a) if the determination is made under section 118—some or all of the shares that are to be transferred; or

(b) if the determination is made under section 119—some or all of the assets and liabilities that are to be transferred.

Note: For example, if the target body is the trustee of a trust, the certificate may specify how the trust is to be transferred.

Notice

(6) The Reserve Bank must:

(a) give a copy of the certificate to the target body and the receiving body; and

(b) publish the notice of the issue of the certificate on its website.