Rail Company Act 2009

In this section – prescribed employee means – in the case of a sale of the shares in a Company or in a subsidiary of the Company, an employee of the Company or subsidiary to whom, immediately before the sale day, the Long Service Leave (State Employees) Act 1994 applies; or in the case of a sale of any asset of the Company or of a subsidiary of the Company, an employee of the Company or subsidiary to whom, immediately before the sale day, the Long Service Leave (State Employees) Act 1994 applies if the agreement for the sale of the assets provides for the purchaser under the agreement to become the employer of that employee; sale day means – the day on which the shares in the Company, or in the subsidiary of the Company, are acquired by the purchaser in the sale under section 33; or the day on which any assets of the Company, or of the subsidiary of the Company, vest in the purchaser of those assets under an agreement for their sale under section 33.

On the sale day, the Long Service Leave (State Employees) Act 1994 ceases to apply to the Company and its prescribed employees or the subsidiary of the Company and its prescribed employees.

In calculating, on or after the sale day, the period of service an employee has completed with the Company or a subsidiary of the Company, for the purposes of calculating his or her entitlement to long service leave under any Act, award or agreement, the employee is taken to have completed, immediately before the sale day, a period of service with the Company, or the subsidiary, calculated in accordance with the following formula:where – Calculated service is the period of service the employee is taken to have completed with the Company, or the subsidiary of the Company, immediately before the sale day;S is the total period of service the employee has completed with the Company, or with the subsidiary and the Company, (including service the employee is taken to have completed with the Company) immediately before the sale day;P is the period of service that would have been required to be completed by the employee to be entitled to long service leave under the relevant Act, award or agreement if the shares in the Company, or the subsidiary, had always been owned by the person who purchased them in the sale under section 33.