8Definitions

8 Definitions

In this Part, unless the contrary intention appears:

ADC means the Australian Dairy Corporation as in existence before the conversion time.

ASIC means the Australian Securities and Investments Commission.

asset means:

(a) any legal or equitable estate or interest in real or personal property, whether actual, contingent or prospective; and
(b) any right, power, privilege or immunity, whether actual, contingent or prospective.

combined service period, in relation to a transferring employee, means the total of:

(a) the period that is, immediately before the conversion time, the employee’s period of service for the purposes of the Long Service Leave Act; and
(b) the period during which the employee continues to be an employee of Dairy Australia Limited.

commencing time means the beginning of the day on which this Act receives the Royal Assent.

conversion time means the time when Schedule 1 commences.

Dairy Australia Limited means ADC, after it is registered under the Corporations Act 2001 as mentioned in section 11 of this Act.

DRDC means the Dairy Research and Development Corporation as in existence before the conversion time.

employee, in relation to DRDC, means a person who is an officer or employee of DRDC immediately before the conversion time.

liability means any liability, duty or obligation, whether actual, contingent or prospective.

Long Service Leave Act means the Long Service Leave (Commonwealth Employees) Act 1976, as in force immediately before the conversion time.

Maternity Leave Act means the Maternity Leave (Commonwealth Employees) Act 1973, as in force immediately before the conversion time.

proposed director means a person specified as a director under paragraph 601BC(2)(f) of the Corporations Act 2001 in relation to the application to ASIC to register ADC as a company limited by guarantee.

SRC Act means the Safety, Rehabilitation and Compensation Act 1988, as in force immediately before the conversion time.

transferring ADC employee means a person who is an officer or employee of ADC immediately before the conversion time.