Assets, rights and liabilities of AGL taken to be assets, rights and liabilities of corporatised AGL

In force

(1)

The provisions of Schedule 3 apply to AGL’s assets, rights and liabilities on and from the conversion day.

Note—

Schedule 3 makes provision for AGL’s assets, rights and liabilities to become the assets, rights and liabilities of corporatised AGL.

(2)

In this section—

AGL’s assets, rights and liabilities means—

(a)

the assets of AGL—

(i)

vested in the Secretary of AGL on behalf of AGL (whether under the AGL legislation or otherwise), or

(ii)

purportedly vested in the name of AGL instead of the Secretary of AGL,

immediately before the conversion day, and

(b)

any right or liability of AGL, and

(c)

any right or liability enforceable by or against the Secretary of AGL under the AGL legislation or otherwise in his or her capacity as Secretary of AGL.

Note—

The AGL legislation provides for the real and personal property of AGL to be vested in the Secretary of AGL.

This Act’s bill:Explanatory memorandum Second reading speech

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16 Assets, rights and liabilities of AGL taken to be assets, rights and liabilities of corporatised AGL