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](/view/html/inforce/current/act-1989-134), and > > > > > (b) section 19G (Establishment of FRC as statutory State owned corporation) of the [Transport Administration Act 1988](/view/html/inforce/current/act-1988-109) 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.