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

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

(3)  An employee of TAB –

(a) is taken to have been employed by the Company for the same remuneration as he or she 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 TAB; and

(c) may claim those rights against the Company.

(4)  The period of service of an employee of TAB 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 TAB being altered by an award, agreement or any other law having effect after the incorporation day.

(6)  If the Long Service Leave (State Employees) Act 1994 applied to a transferred employee immediately before the incorporation day, that Act continues to apply to the transferred 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 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.