14Transfer to Company of employees of Corporation

14 Transfer to Company of employees of Corporation

(1) A person who was an employee of the Corporation immediately before the transfer day is taken: (a) to cease to be an employee of the Corporation at the commencement of that day; and (b) to have been engaged by the Company as an employee of the Company with effect on and from that day; and (c) to have been so engaged on the same terms and conditions as those that applied to the person, immediately before that day, as an employee of the Corporation; and (d) to have accrued an entitlement to benefits, in connection with that engagement by the Company, that is equivalent to the entitlement that the person had accrued, as an employee of the Corporation, immediately before that day. (2) The service of a transferred employee as an employee of the Company is taken for all purposes to have been continuous with the service of the employee, immediately before the transfer day, as an employee of the Corporation. (3) A transferred employee is not entitled to receive any payment or other benefit merely because he or she ceased to be an employee of the Corporation as a result of this section. (4) An auditor of the Corporation does not, because of the operation of this Act, become an auditor of the Company.