28
CurrentMembers at commencement
28 Members at commencement
(1)
A person who, immediately before commencement, was a member of a transitional corporation is taken to be, at commencement, a member of the transitional corporation for the purposes of the new Act.
Note:
The person will have the same class of membership of the transitional corporation that the person had immediately before commencement (see item 14).
(2)
Subitem (1) has effect despite subsection 42‑10(1), and sections 138‑1 and 144‑1, of the new Act.
This Act’s bill:Explanatory memorandumSecond reading speech
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