South Australian Current Acts South Australian Current ActsSchedule 2—Conversion of electricity corporation to State-owned company
1—Steps before conversion of electricity corporation to company
(1) As from a date
specified by proclamation, the electricity corporation is to have a share
capital.
(2) The proclamation
may contain requirements for the issuing of shares by the
electricity corporation to specified Ministers of the Crown, including
(without limitation) requirements as to the number of shares to be issued, the
rights to be attached to the shares, the issue price of the shares and the
consideration to be given for the shares.
(3) The Ministers to
whom shares in the electricity corporation are issued are not members of the
electricity corporation at any time before its conversion to a company limited
by shares merely because the Ministers hold those shares.
(4) The electricity
corporation is authorised (with the approval of the Minister) to take such
action as is necessary or desirable to be taken for the purpose of its being
registered as a proprietary or public company limited by shares under Part
5B.1 of the Corporations Law (Registering a body corporate as a company),
including (without limitation) action to adopt a constitution approved by the
Minister.
(5) The
electricity corporation must take such action of a kind referred to in
subclause (4) as is required by the proclamation.
2—Membership of the electricity corporation following conversion
(1) The Ministers, as
holders of shares in the electricity corporation at the time of its conversion
to a company limited by shares, become (by force of this subclause) members of
the electricity corporation at the time of that conversion.
(2) The Ministers are,
in relation to membership of the electricity corporation following its
conversion, entitled to the same rights, privileges and benefits, and are
subject to the same duties, liabilities and obligations, as if they had become
members of the electricity corporation immediately prior to its conversion.
3—Continuity of electricity corporation and construction of references
to electricity corporation
(1) Without limiting
any provision of the Corporations Law , the electricity corporation as
converted into a company limited by shares is a continuation of, and the same
legal entity as, the electricity corporation as it existed before the
conversion.
(2) After the
conversion, a reference in any instrument to the electricity corporation is to
be read as a reference to the electricity corporation as converted into a
company limited by shares.
The Governor may make proclamations for the purposes of this Schedule.