Approval to hold the transferring business of a financial sector company No. 3 of 2021 (Cth)

Approval to hold the transferring business of a financial sector company No. 3 of 2021

Financial Sector (Shareholdings) Act 1998

To: Teachers Mutual Bank Limited ABN 30 087 650 459 (the applicant) SINCE: 1. the applicant has applied to the Treasurer under subsection 13(1) of the Financial Sector (Shareholdings) Act 1998 (the Act) for approval to hold a stake of more than 20% in Pulse Credit Union Ltd ABN 35 087 651 670 (the financial sector company);

B. 100% of the gross assets and liabilities of the financial sector company are to be transferred to the applicant as a voluntary transfer of business under the Financial Sector (Transfer and Restructure) Act 1999; and

C. I am satisfied that it is in the national interest to approve the applicant holding a stake of more than 20% in the financial sector company,

I, Lara Douglas, a delegate of the Treasurer, under paragraph 14(1)(a) of the Act, APPROVE the applicant holding a stake of 100% in the financial sector company.

This instrument takes effect on the day it is made and remains in force indefinitely. Dated: 3 August 2021

Lara Douglas General Manager Banking Division

Interpretation

In this instrument:

financial sector company has the meaning given in section 3 of the Act.

stake in relation to a company, has the meaning given in clause 10 of Schedule 1 to the Act. Notes Note 1 A person who holds an Approval under section 14 of the Act may apply to the Treasurer under subsection 17(1) of the Act, to vary the percentage specified in the Approval.

Note 2 Under subsection 17(6) of the Act, the Treasurer may, on the Treasurer's own initiative, by written notice given to a person who holds an Approval under section 14, vary the percentage specified in the Approval if the Treasurer is satisfied it is in the national interest to do so.