Corporations (Aboriginal and Torres Strait Islander) Consequential, Transitional and Other Measures Act 2006

This item applies if, at commencement:

one or more of a transitional corporation's directors are employees of the corporation (the employee appointees); and

the employee appointees are a majority of the corporation's directors.

Until the employee appointees no longer constitute a majority of the corporation's directors:

subsection 246‑5(4) of the new Act does not apply in relation to the corporation; and

only persons who are not employees of the corporation can become directors of the corporation.

For the purposes of this item, a person ceases to be an employee appointee if the person:

ceases to be a director of the transitional corporation (whether or not the person is immediately reappointed); or

ceases to be an employee of the transitional corporation.