45Transfer of assets between funds

#### 45 Transfer of assets between funds (1) A life company must not transfer an asset from one statutory fund to another statutory fund except in accordance with subsection (2) or Division 3, 4 or 6. (2) A life company may transfer an asset from one statutory fund (the losing fund) to another statutory fund (the gaining fund) if: (a) the company transfers from the gaining fund to the losing fund an amount equal to the fair value of the asset; and (b) in relation to the owners of policies referable to the losing fund and the gaining fund, the transfer is fair and reasonable in all the circumstances. (3) For the purposes of subsection (2), the fair value of an asset is the price a person could reasonably be expected to pay for the asset on a sale in which the seller and buyer were dealing with each other at arm’s length. (4) Subsection (1) does not prevent a liquidator doing anything authorised or required by or under this Act or any other law of the Commonwealth or of a State or Territory.