37Certain preserved resolutions continue in effect after registration day

37 Certain preserved resolutions continue in effect after registration day

37 Certain preserved resolutions continue in effect after registration day

(1) Any preserved resolution (other than a preserved resolution that is revoked by the members of corporatised AGL before the registration day) that continues in force under section 17 immediately before the registration day continues to have effect on and after the registration day as if it were a resolution of the members of registered AGL passed on the registration day in relation to registered AGL, with such modifications as are necessary or that are prescribed by the regulations.

(2) A regulation referred to in subsection (1) may be made before, on or after the registration day.

(3) If a regulation referred to in paragraph (j) of the definition of preserved resolution in section 5 (1) is made after the registration day in relation to a resolution of the proprietors of AGL, subsection (1) is taken to have applied to that resolution on and from the registration day.

(4) If a regulation modifying a preserved resolution referred to in subsection (1) is made after the registration day, subsection (1) is taken to have applied to that resolution in its modified form on and from the registration day.

(5) A preserved resolution to which subsection (1) applies may be varied or revoked by resolution of the members of registered AGL, subject to any applicable provisions of any law or the constitution of registered AGL.

(6) Subsection (1) ceases to apply to any preserved resolution that is revoked on or after the registration day.