7Summary of the steps involved in corporatisation and registration of AGL as a company

7 Summary of the steps involved in corporatisation and registration of AGL as a company

7 Summary of the steps involved in corporatisation and registration of AGL as a company

(1) The conversion of AGL into an incorporated public company limited by shares will involve the following two steps—

Conversion of AGL into a body corporate

The first step will be to convert AGL into a body corporate under State law. Currently, AGL is an unincorporated company of proprietors that was originally established by the Australian Gas Light Company Act 1837.

Registration of corporatised AGL as a company

The second step will be to enable corporatised AGL to seek registration as a public company limited by shares under Part 5B.1 of the Corporations Act 2001 of the Commonwealth.

(2) The following is a summary of the steps involved in the conversion of AGL into a body corporate under State law—

Conversion resolution

The proprietors of AGL must pass a conversion resolution at a general meeting of AGL in accordance with Division 1 of Part 3 that approves both the conversion of AGL into a body corporate and a new constitution for that body corporate.

Order specifying conversion day

The Minister makes a conversion order under section 13 specifying the day on which AGL is to be constituted as a body corporate under this Act.

AGL constituted as body corporate

AGL will be constituted as a body corporate with the name “The Australian Gas Light Company” on the conversion day as provided by Part 4. Existing legislation relating to the constitution of AGL and related gas companies will be repealed on that day.

(3) The following is a summary of the steps involved in enabling corporatised AGL to be registered as a public company limited by shares under Part 5B.1 of the Corporations Act 2001 of the Commonwealth—

Registration resolution

The proprietors of AGL or the members of corporatised AGL must pass a registration resolution at a general meeting of AGL or corporatised AGL (as the case may be) in accordance with Division 2 of Part 3 that resolves that corporatised AGL be registered as a public company limited by shares under the of the Commonwealth.