sec.10Voluntary transfers

sec.10 Voluntary transfers

The purpose of this section is to facilitate voluntary transfers of business under part 3 of the FS(TB) Act for regulated bodies. This section applies when a certificate of transfer issued under section 18 of the FS(TB) Act comes into force under part 3 , division 3 of that Act. The receiving body is taken to be the successor in law of the transferring body, to the extent of the transfer. In particular— if the transfer is a total transfer, all the assets and liabilities of the transferring body become the assets and liabilities of the receiving body without any transfer, conveyance or assignment; and if the transfer is a partial transfer, all the assets and liabilities of the transferring body included in the list of assets and liabilities specified in the statement of detail become assets and liabilities of the receiving body without any transfer, conveyance or assignment; and to the extent of the transfer, the duties, obligations, immunities, rights and privileges applying to the transferring body apply to the receiving body. If there is an approved section 20 statement in relation to the transfer that specifies— that particular things are to happen or are taken to be the case, those things are taken to happen, or to be the case, in accordance with the statement; or a mechanism for deciding things that are to happen or are taken to be the case, things decided in accordance with that mechanism are taken to happen, or to be the case, as decided in accordance with that mechanism. (sec.10-ssec.1) The purpose of this section is to facilitate voluntary transfers of business under part 3 of the FS(TB) Act for regulated bodies. (sec.10-ssec.2) This section applies when a certificate of transfer issued under section 18 of the FS(TB) Act comes into force under part 3 , division 3 of that Act. (sec.10-ssec.3) The receiving body is taken to be the successor in law of the transferring body, to the extent of the transfer. (sec.10-ssec.4) In particular— if the transfer is a total transfer, all the assets and liabilities of the transferring body become the assets and liabilities of the receiving body without any transfer, conveyance or assignment; and if the transfer is a partial transfer, all the assets and liabilities of the transferring body included in the list of assets and liabilities specified in the statement of detail become assets and liabilities of the receiving body without any transfer, conveyance or assignment; and to the extent of the transfer, the duties, obligations, immunities, rights and privileges applying to the transferring body apply to the receiving body. (sec.10-ssec.5) If there is an approved section 20 statement in relation to the transfer that specifies— that particular things are to happen or are taken to be the case, those things are taken to happen, or to be the case, in accordance with the statement; or a mechanism for deciding things that are to happen or are taken to be the case, things decided in accordance with that mechanism are taken to happen, or to be the case, as decided in accordance with that mechanism.