New South Wales Consolidated Acts

SUPERANNUATION (AXIOM FUNDS MANAGEMENT CORPORATION) ACT 1996 - SCHEDULE 4

SCHEDULE 4 – Savings and transitional provisions

(Section 69)

1 Members of AFMC Board

(1) A person who, immediately before the conversion of AFMC to AFML, held office as a member of the AFMC Board:

(a) ceases to hold that office, and

(b) is eligible (if otherwise qualified) to be appointed to the AFML Board.

(2) A person who so ceases to hold office is not entitled to any remuneration or compensation because of the loss of that office.

2 Application of certain provisions of the Corporations Law

(1) While the State of New South Wales continues to hold all the shares in AFML (being the shares issued to the State under Part 3), sections 186 and 461 (d) of the Corporations Law do not apply in relation to AFML, and section 249 (7) of the Corporations Law applies in relation to AFML as if:

(a) the State of New South Wales were a holding company (within the meaning of section 249 (7) of the Corporations Law ) of AFML, and

(b) the Treasurer were a representative of the State authorised under section 249 (3) of the Corporations Law .

(2) Sections 139 (2) and (3) and 151 (5) of the Corporations Law do not apply in relation to AFML.

(3) For the purposes of Division 2 of Part 5.6 of the Corporations Law (Contributories on winding up):

(a) the State of New South Wales is not (in relation to any period before the conversion) a past member of AFML, and

(b) a person is not a past member of AFML merely because he or she was a member of the AFMC Board, or acted as such, before the conversion.

(4) For the purposes of the Corporations Law , accounts and records kept under Part 3 of the Public Finance and Audit Act 1983 are, after the conversion, taken to be accounting records kept by AFML under a provision of a previous law of the State of New South Wales, being a provision corresponding to section 289 of the Corporations Law .

(5) For the purposes of the Corporations Law , a report and financial statements that were prepared under Part 3 of the Public Finance and Audit Act 1983 in relation to a period and furnished to the Minister on a particular day are, after the conversion, taken to be a profit and loss account of AFML that was:

(a) made out in relation to that period, and

(b) laid before the body at an annual general meeting of the body held on that day.

3 Audit

(1) As from the conversion, the functions of the Auditor-General under the Public Finance and Audit Act 1983 are no longer exercisable in respect of AFML, except in respect of whole financial years before the conversion.

(2) AFML is not required to prepare accounts as at the date of conversion if the conversion occurs during a financial year.

4 Superannuation under State public sector schemes

(1) This clause applies to a member of staff of AFML who is, immediately before the day appointed for the purpose of section 60, a contributor under an FTC scheme or an STC scheme.

(2) Contributors to whom this clause applies cease to be contributors on the day referred to in subclause (1). They are taken to have elected on that day to preserve their superannuation benefits in accordance with the relevant statutory provisions.

(3) This clause does not affect the provisions of any other Act or regulation relating to the rights of contributors.