8Relationship of the Act with the Financial Sector (Shareholdings) Act 1998

8 Relationship of the Act with the Financial Sector (Shareholdings) Act 1998

For the purposes of subsection 43(4) of the Act, the Financial Sector (Shareholdings) Act 1998: (a) apply in relation to a transfer of shares or a restructure; and (b) apply in relation to a transfer of business as if the following section was inserted after section 13 of that Act:

13A Application for approval to hold business to be transferred under the Financial Sector (Transfer and Restructure) Act 1999

(1) This section applies to a financial sector company to which more than 20% of the gross assets and liabilities of another financial sector company (the transferring business) is to be transferred under the Financial Sector (Transfer and Restructure) Act 1999. (2) The company must apply to the Treasurer for approval to hold the transferring business. (3) This Division applies to the application as if the transferring business were a separate financial sector company.