36STransfer of AASE employees

##### 36S Transfer of AASE employees (1) In this section, transferred employee means a person who becomes an employee of the Exchange by virtue of subsection (2). (2) At the relevant commencement, an employee of AASE ceases to be an employee of AASE and becomes an employee of the Exchange. (3) A transferred employee’s terms and conditions of employment as an employee of the Exchange: (a) are, until varied, the same as the terms and conditions on which he or she was employed as an employee of AASE immediately before the relevant commencement; (b) may be varied to the extent to which, and in the manner in which, the terms and conditions referred to in paragraph (a) could, immediately before that commencement, be varied; and (c) may also be varied to the extent to which, and in the manner in which, the general terms and conditions of persons as employees of the Exchange may be varied. (4) For the purposes of the application of a law, award, determination, contract or agreement in relation to the employment of a transferred employee as an employee of the Exchange: (a) his or her contract of employment shall not be taken to have been broken by the operation of subsection (2); and (b) his or her period as an employee of AASE shall be deemed to be a period as an employee of the Exchange. (5) A transferred employee is not entitled to receive a payment or other benefit by reason only of ceasing by virtue of subsection (2) to be an employee of AASE. (6) Nothing in this section (other than subsection (5)) affects a person’s rights or liabilities under any provident, benefit, superannuation or retirement fund or scheme relating to, or to persons including, employees of AASE. (7) A director, secretary or auditor of AASE does not, by virtue of this section, become a director, secretary or auditor of the Exchange. (8) This section has effect notwithstanding subsections 36R(1) and (2).