(1)  On the incorporation day, the employment of all employees of the TRB is terminated and they become employees of the Company.

(2)  On the incorporation day, the Company becomes the employer of each employee of the TRB.

(3)  An employee of the TRB –

(a) is taken to have been employed by the Company on the same terms and conditions, including remuneration, as the employee was receiving immediately before the incorporation day; and

(b) retains all existing and accrued rights relating to leave as if service as an employee of the Company were a continuation of his or her service as an employee of the TRB; and

(c) may claim those rights against the Company.

(4)  The period of service of an employee of the TRB is taken to be service as an employee of the Company.

(5)  Nothing in subsection (1) or (2) prevents any of the terms or conditions of employment of an employee of the TRB being altered by an award, industrial agreement or any other law having effect after the incorporation day.

(6)  If the Long Service Leave (State Employees) Act 1994 applied to an employee of the TRB immediately before the incorporation day, that Act continues to apply to that employee unless –

(a) he or she gives written notice to the Company that he or she elects that that Act not apply; or

(b) an award or industrial agreement provides otherwise.

(7)  The termination of an employee's employment under subsection (1) is not to be regarded as a cessation of employment for superannuation purposes.

(8)  Nothing in this section entitles an employee of the TRB whose employment is terminated and who becomes an employee of the Company by virtue of subsection (1) to any payment or compensation in respect of that termination of employment.