Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) A person who immediately before the transition was, or was acting as, a member of the transferring body ceases at the transition to be, or to act as, such a member.
(2) By force of this subsection, each person who holds shares in the transferring body at the transition becomes a member of the transferring body at the transition.
(3) A person of the kind referred to in subsection ( 2) is, in respect of membership of the transferring body, entitled to the same rights, privileges and benefits, and is subject to the same duties, liabilities and obligations, as if the person had become a member of the body in accordance with the body's memorandum and articles.