Electricity Generator Assets (Authorised Transactions) Act 2012

The following provisions are taken to have had effect immediately before an electricity generator to which a corporate conversion direction has been given is registered as a company under the Corporations Act—

the corporation ceases to be a statutory State owned corporation for the purposes of the State Owned Corporations Act 1989 or any other State legislation,

the corporation ceases to be an energy services corporation under the Energy Services Corporations Act 1995 unless the regulations provide otherwise,

the voting shareholders (within the meaning of the State Owned Corporations Act 1989) of the corporation cease to be members of the corporation,

the board of directors of the corporation is dissolved and each member (including any acting member) of the board ceases to hold office as such,

any person who holds a statutory office of the corporation ceases to hold that office,

any person who ceases to be a member of the corporation or to hold an office because of the operation of this subclause is not entitled to any compensation for the loss of that membership or office.

Nothing in this clause prevents any person from becoming an officer of the company into which the corporation is being converted in accordance with its constitution and the provisions of the Corporations Act.

An electricity generator to which a corporate conversion direction has been given becomes a transaction company for the purposes of this Act only when it is registered as a company under the Corporations Act.