Financial Sector (Transfer and Restructure) Act 1999

PART 4A - RESTRUCTURES  

Division 5 - Engagements of employees and contractors  

SECTION 36S   EMPLOYMENT AND CONTRACTS FOR SERVICES UNAFFECTED  

36S(1)    
This section applies to an individual who, immediately before the time when a restructure instrument comes into force in relation to an operating body, was:

(a) employed by a body corporate (the original body ) that is the operating body or any related body corporate; or

(b) engaged under a contract for services by a body corporate (the original body ) that is the operating body or any related body corporate.

36S(2)    
If the individual was employed, the terms and conditions of employment (including any accrued entitlement to employment benefits) are not affected by the operation or effect of this Part.

36S(3)    
If the individual was engaged under a contract for services, the terms and conditions of the contract (including any accrued entitlement to benefits under the contract) are not affected by the operation or effect of this Part.

Transfer of employment or contracts for services permitted

36S(4)    
Despite subsections (2) and (3), this section is not taken to prevent an arrangement under which the individual would become employed, or engaged under a contract for services, by a body corporate that is related to the original body.