Onward transfer of business
63.—(1)  Subject to this section, the Authority may, at any time after the transfer of any business under a certificate of transfer, make a determination that the whole or any part of the business transferred to the transferee by the certificate be transferred to another transferee.
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(2)  The Authority may make such determination if —
(a)the board of directors of the 2nd transferee (if it is a corporation), or the committee of management of the 2nd transferee (if it is a co‑operative society), consents to the transfer; and
(b)the transferee is an entity established or incorporated to do one or both of the following:
(i)temporarily hold and manage the assets and liabilities of the transferor;
(ii)do any other act for the orderly resolution of the transferor.
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(3)  The Authority must submit every determination under subsection (1) to the Minister for approval.
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(4)  The Minister may —
(a)approve a determination under subsection (1) without modification;
(b)approve a determination under subsection (1) subject to any modification the Minister considers appropriate, if the board of directors of the 2nd transferee (if it is a corporation), or the committee of management of the 2nd transferee (if it is a co‑operative society), agrees to the modification; or
(c)refuse to approve the determination.
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(5)  An approval under subsection (4) is subject to such conditions as the Minister may determine to be necessary to give effect to the determination, and the Minister may add to, vary or revoke any such condition.
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(6)  The transferee or 2nd transferee (as the case may be) must comply with every condition mentioned in subsection (5) that applies to it and of which it has been given written notice by the Authority.
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(7)  A person that contravenes subsection (6) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $250,000 and, in the case of a continuing offence, to a further fine not exceeding $25,000 for every day or part of a day during which the offence continues after conviction.
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(8)  A determination under subsection (1) or an approval under subsection (4) of the determination does not prevent the exercise of any power by the Authority or the Minister under this Act or the relevant Act applicable to the transferor.
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