To: Holiday Coast Credit Union Ltd ABN 64 087 650 164 (the body corporate)
SINCE:
I, Clare Gibney, a delegate of the Treasurer, under subsection 63(1) of the Act, CONSENT to the sale or disposal.
Dated 9 April 2019
[Signed]
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Clare Gibney
General Manager
Specialised Institutions Division
In this Notice
APRA means the Australian Prudential Regulation Authority.
ADI is short for authorised deposit-taking institution and has the meaning given in subsection 5(1) of the Act.
foreign ADI has the meaning given in subsection 5(1) of the Act.
Note 1 By virtue of subsection 63(2) of the Act, any arrangement, agreement or reconstruction and any such sale or disposal in pursuance of any such arrangement or agreement, entered into without the prior consent of the Treasurer is void and of no effect. Subsection 63(3) provides that the consent of the Treasurer shall not be unreasonably withheld.
Note 2 Under subsection 63(1AA) of the Act, the Treasurer must arrange for notice of this consent to be published in the Gazette as soon as practicable.
Note 3 Under subsection 63(1) of the Act, an ADI, other than a foreign ADI, is guilty of an offence if the ADI enters into an arrangement or agreement for the sale or disposal of its business or for carrying on business in partnership with another ADI, or effects a reconstruction of the ADI, without the Treasurer’s prior consent in writing. The maximum penalty is 200 penalty units.
Note 4 Under subsection 63(1A) of the Act, an offence against subsection 63(1) of the Act is an indictable offence.
Note 5 Under paragraph 63(5)(a) of the Act, the Treasurer may, in writing, delegate all or any of his or her powers under subsection 63 to APRA, an APRA member or an APRA staff member.
An arrangement for the voluntary total transfer of business under the Financial Sector (Transfer and Restructure) Act 1999