21Effect of conversion on FreightCorp

21 Effect of conversion on FreightCorp

21 Effect of conversion on FreightCorp

(1) Immediately after the conversion:

(a) FreightCorp ceases to be a State owned corporation under the State Owned Corporations Act 1989, and

(b) section 19G (Establishment of FRC as statutory State owned corporation) of the Transport Administration Act 1988 ceases to have effect.

(2) A person who, immediately before the conversion, held office as a director of FreightCorp:

(a) ceases to hold office as such on the conversion, and

(b) is not entitled to any remuneration or compensation because of the loss of that office.

(3) This section does not prevent a person who held office as a director or FreightCorp immediately before the conversion from holding office as a director of the sale company.