26Application of Corporations legislation concerning companies to corporatised AGL

26 Application of Corporations legislation concerning companies to corporatised AGL

26 Application of Corporations legislation concerning companies to corporatised AGL

(1) Application of section This section applies certain provisions of the Corporations legislation relating to companies to corporatised AGL as a matter of State law. These provisions will not extend to corporatised AGL as a law of the Commonwealth until corporatised AGL is registered as a company under the Corporations Act 2001 of the Commonwealth.

(2) Application of non-applicable provisions of Corporations legislation Subject to this Act, corporatised AGL is declared to be an applied Corporations legislation matter for the purposes of Part 3 of the Corporations (Ancillary Provisions) Act 2001 in relation to the non-applicable Commonwealth provisions, subject to the following modifications—

(a) the non-applicable Commonwealth provisions apply to corporatised AGL as if it were a public company limited by shares,

(b) the constitution of corporatised AGL on the conversion day is the constitution approved by the conversion resolution,

(c) the members, share capital and shareholders of corporatised AGL on the conversion day are as provided by section 18 and Schedule 4,

(d) the auditor of corporatised AGL referred to in section 23 is taken to have been duly appointed at a general meeting of the members of corporatised AGL as its auditor on the conversion day for the purposes of section 327 of the Corporations Act 2001 of the Commonwealth,

(e) the financial position and financial reports of corporatised AGL on the conversion day are taken to be as specified in section 22,

(f) a benefit given to a person holding a board or managerial office in corporatised AGL on or after the conversion day in accordance with the terms of a preserved resolution is taken to be a benefit that has been approved under section 200E of the Corporations Act 2001 of the Commonwealth for the purposes of Division 2 of Part 2D.2 of that Act,

(g) any remuneration that is paid to a director of corporatised AGL on or after the conversion day in accordance with the terms of a preserved resolution is taken to have been determined by resolution of corporatised AGL for the purposes of section 202A of the of the Commonwealth (or any provision of the constitution of corporatised AGL dealing with the remuneration of directors),