AGL Corporate Conversion Act 2002

If any asset to which this Schedule applies—

is vested in the former Secretary under the law of an external jurisdiction immediately before the conversion day, and

does not, despite clause 2 (1) (a), become vested in corporatised AGL under the law of that jurisdiction,

subject to paragraph (d), holds that asset, for the purposes of the law of New South Wales, in trust for the sole benefit of corporatised AGL until such time as the asset becomes vested in corporatised AGL under the law of the external jurisdiction or the trust is otherwise terminated, and

if it is possible for the former Secretary to vest the asset in corporatised AGL under the law of that external jurisdiction by effecting a conveyance, transfer, assignment or assurance and corporatised AGL directs it—must, in accordance with any such direction, effect any such conveyance, transfer, assignment or assurance.

The trust created by subclause (1) (c) is to be treated, for all purposes, as if it was a bare trust declared by the former Secretary inter vivos.

Corporatised AGL is the person nominated by this Act for the purposes of appointing a new trustee under Division 1 of Part 2 of the Trustee Act 1925 in respect of the trust created by subclause (1) (c).

If any right to which this Schedule applies—

is exercisable by the former Secretary under the law of an external jurisdiction, and

does not, despite clause 2 (1) (b), become a right of corporatised AGL on or after the conversion day under the law of that jurisdiction,

If any liability to which this Schedule applies—

is a liability enforceable against the former Secretary of AGL under the law of an external jurisdiction, and

does not, despite clause 2 (1) (c), become a liability of corporatised AGL on or after the conversion day under the law of that jurisdiction,

In this clause—

a State (other than New South Wales),

a Territory,

the Commonwealth,

a jurisdiction outside of Australia.