Section 821H — Corporations Act 2001: Notification of recapitalisation or restructuring

(1) A body corporate that: (a) is a CS facility licensee; or (b) is a related body corporate of a CS facility licensee and is incorporated in Australia; must give written notice to the Reserve Bank immediately after: (c) the body corporate forms an intention to enter into a transaction to recapitalise; or (d) the board of the body corporate agrees to a plan to restructure the body corporate. Note: Failure to comply with this subsection is an offence: see subsection 1311(1). (2) Subsection (1) does not apply if the transaction or restructure is minor or insignificant. Note: A defendant bears an evidential burden in relation to the matter in this subsection: see subsection 13.3(3) of the Criminal Code. Invalid acts (3) Subject to subsection (6), if a body corporate: (a) is incorporated in Australia; and (b) purports to do either of the following acts: (i) enter into a transaction to which paragraph (1)(c) applies; (ii) an act that is part of implementing a plan to which paragraph (1)(d) applies; and (c) contravenes subsection (1) in relation to that transaction or plan; the act is invalid and of no effect. (4) The body corporate may apply in writing to the Reserve Bank to have the contravention disregarded. (5) The Reserve Bank may, by notice in writing given to the body corporate that made the application, agree to the contravention being disregarded for the purposes of subsection (3) if the Reserve Bank is satisfied that it would be appropriate for the contravention to be disregarded. (6) For the purposes of subsection (3), the contravention must be disregarded if the Reserve Bank so agrees under subsection (5).