136Reserve Bank’s rules may make special provision in relation to compulsory transfer

136 Reserve Bank’s rules may make special provision in relation to compulsory transfer

Compulsory transfer of shares

(1) The Reserve Bank may, by legislative instrument, make rules in relation to any of the following matters in relation to a transfer of shares, or proposed transfer of shares, under this Division:

(a) the payment to a holder of shares in a target body under this Division of a purchase price for those shares;

(b) the resolution of disputes involving a holder of shares in a target body under this Division (including the resolution of such disputes by the Federal Court);

(c) the publication, by the Reserve Bank, a target body and a receiving body, of information relating to a transfer of shares, or proposed transfer of shares, under this Division;

(d) the freeing of shares in a target body from any trust, liability or other encumbrance when they become shares held by a receiving body;

(e) any matter incidental to:

(i) a transfer of shares, or proposed transfer of shares, under this Division; or

(ii) any of the other matters mentioned in this subsection.

Compulsory transfer of business

(2) The Reserve Bank may, by legislative instrument, make rules in relation to any of the following matters in relation to a transfer of business, or proposed transfer of business, under this Division:

(a) the payment to a target body under this Division of a purchase price for a business;

(b) the resolution of disputes involving a target body under this Division (including the resolution of such disputes by the Federal Court);

(c) the publication, by the Reserve Bank, a target body and a receiving body, of information relating to a transfer of business, or proposed transfer of business, under this Division;

(d) the freeing of assets of a target body from any trust, liability or other encumbrance when they become assets of a receiving body;

(e) any matter incidental to:

(i) a transfer of business, or proposed transfer of business, under this Division; or

(ii) any of the other matters mentioned in this subsection.

Failure to comply with Reserve Bank’s rules

(3) A person contravenes this subsection if:

(a) a rule made by the Reserve Bank under this section applies to the person; and

(b) the person fails to comply with the rule.

Fault‑based offence

(4) A person commits an offence if the person contravenes subsection (3).

Penalty:

(a) for a body corporate—300 penalty units; and

(b) for an individual—30 penalty units.