Section 101
Notification of business transfer scheme
of Financial Services Act 2013
(1)
Before an application is made to the High Court under subsection 102(1), a transferor shall publish in the Gazette a notice stating its intention to make the application to the High Court for confirmation of the business transfer scheme.
(2)
In addition to the notice under subsection (1), the Bank may require the transferor to give such other notice in respect of the business transfer scheme and for such purpose, the Bank may specify the following requirements:
(a)
persons to whom, and when such notices shall be given;
(b)
the form or manner of the notices to be given; and
(c)
the period within which a person specified under paragraph (a) may object to the proposed scheme.
(3)
Where any person files an objection to the proposed scheme, the transferor, with the approval of the Bank, may modify the scheme.