New South Wales Consolidated Acts

SUPERANNUATION ADMINISTRATION CORPORATION (PILLAR) (AUTHORISED TRANSACTION) ACT 2016 - SECT 22

22 Grant of relevant authorisations

(1) The Treasurer may by order in writing given to the relevant administering agency direct the grant of a specified relevant authorisation to a person who becomes or who it is proposed will become the new owner of any Pillar assets pursuant to the authorised transaction.

(2) Such a direction (a
"grant direction" ) operates to grant the specified relevant authorisation on such terms and conditions and subject to such endorsements as may be specified in the direction, and so operates:

(a) without the need for any action by the relevant administering agency, and

(b) without the need for the making or determination of any application for the relevant authorisation, and

(c) despite any requirement of or restriction imposed by a relevant law in relation to the grant of a relevant authorisation.

(3) A grant direction may only direct the grant of a relevant authorisation that:

(a) operates to transfer or replace a relevant authorisation that is currently in force, and

(b) is subject to terms, conditions or endorsements that are the same (or to substantially the same effect) as those to which that relevant authorisation is subject.

(4) A grant direction may direct the grant of more than one relevant authorisation to transfer or replace an existing relevant authorisation.

(5) The Treasurer is to consult with the relevant administering agency before giving a grant direction for a relevant authorisation.

(6) The Treasurer may direct the relevant administering agency to give effect to a grant direction by formally granting, and issuing the appropriate documentation for, the relevant authorisation concerned. The relevant administering agency must comply with the Treasurer's direction within the period specified in the direction.

(7) Anything done by Pillar or another public sector agency in compliance with a condition or endorsement of a relevant authorisation in relation to Pillar assets of which a person is the new owner is taken to have been done by the new owner for the purposes of any corresponding condition or endorsement of a relevant authorisation granted to the new owner pursuant to this section.

(8) A relevant authorisation granted to Pillar or to the new owner of Pillar assets may not be suspended or cancelled on the ground of the conversion of Pillar or new owner to a company or on the ground of any change that has occurred in the officers or shareholders of the company as a result of that conversion or pursuant to a transaction arrangement.

(9) In this section:

"grant" includes issue and transfer.

"new owner" of Pillar assets means:

(a) a public sector agency to which any Pillar assets are transferred for the purposes of the authorised transaction, or

(b) a person (or the nominee of a person) who becomes the owner of Pillar assets pursuant to the authorised transaction.

"relevant administering agency" , in relation to a relevant authorisation, means the public sector agency or public official having the function of granting the relevant authorisation.

"relevant authorisation" means a licence, permit, consent, entitlement, accreditation, exemption or other authorisation held by Pillar or a subsidiary of Pillar, or held by another public sector agency as a result of being granted pursuant to this section.