AGL Corporate Conversion Act 2002

On and from the conversion day, the following provisions have effect (both in New South Wales and as provided by section 4 (5)) in relation to any assets, rights or liabilities to which this Schedule applies—

the assets to which this Schedule applies vest in corporatised AGL by virtue of this clause—

without the need for any further conveyance, transfer, assignment or assurance, and

free of any estate or interest that any proprietor of AGL may have had in the assets immediately before the conversion day by reason of being a proprietor of AGL,

the rights to which this Schedule applies become by virtue of this clause the rights of corporatised AGL and may be exercised without regard to any fetters on the exercise of those rights that were enforceable by the proprietors of AGL immediately before the conversion day by reason of being proprietors of AGL,

the liabilities to which this Schedule applies become by virtue of this clause the liabilities of corporatised AGL,

all proceedings pending immediately before the conversion day relating to the assets, rights or liabilities to which this Schedule applies by or against AGL or a predecessor of AGL are taken to be proceedings pending by or against corporatised AGL,

any act, matter or thing done or omitted to be done in relation to the assets, rights or liabilities to which this Schedule applies before the conversion day by, to or in respect of AGL or a predecessor of AGL is (to the extent to which that act, matter or thing has any force or effect) taken to have been done or omitted to be done by, to or in respect of corporatised AGL,

a reference in any instrument to AGL or the Secretary of AGL while acting on behalf of AGL is (to the extent to which it relates to those assets, rights or liabilities) to be read as including a reference to corporatised AGL.

No attornment to corporatised AGL by a lessee from AGL is required.

No compensation is payable to any person or body in connection with the operation of this Schedule in respect of any asset, right or liability.