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CORPORATIONS ACT 2001 - SECT 200A

When benefit given in connection with retirement from an office or position

General rules

             (1)  For the purposes of this Division:

                     (a)  a benefit is given in connection with a person's retirement from an office or position if the benefit is given:

                              (i)  by way of compensation for, or otherwise in connection with, the loss by the person of the office or position; or

                             (ii)  in connection with the person's retirement from the office or position; and

                     (b)  giving a benefit includes:

                              (i)  if the benefit is a payment--making the payment; and

                             (ii)  if the benefit is an interest in property--transferring the interest; and

                     (c)  a person gives a benefit even if the person is obliged to give the benefit under a contract; and

                     (d)  a pension or lump sum is paid or payable in connection with the person's retirement from an office or position if the pension or lump sum is paid or payable:

                              (i)  by way of compensation for, or otherwise in connection with, the loss by the person of the office or position; or

                             (ii)  in connection with the person's retirement from the office or position; and

                     (e)  retirement from an office or position includes:

                              (i)  loss of the office or position; and

                             (ii)  resignation from the office or position; and

                            (iii)  death of a person at a time when they hold the office or position; and

                      (f)  when working out whether a person has retired from an office or position, disregard whether or not the person's details are included in a directors' report in accordance with paragraph 300A(1)(c).

Rules in regulations

          (1A)  Without limiting subsection (1), a benefit is given in connection with a person's retirement from an office or position if the benefit is given in circumstances specified in regulations made for the purposes of this subsection.

Note:          For specification by class, see subsection 13(3) of the Legislation Act 2003 .

Related benefits

             (2)  For the purposes of this Division, if:

                     (a)  a person ( person A ) gives another person a benefit ( benefit A ); and

                     (b)  person A gives benefit A for the purpose, or for purposes including the purpose, of enabling or assisting someone to give a person a benefit in connection with the retirement of a person ( person B ) from an office or position;

person A is taken to give benefit A in connection with the person B's retirement from that office or position.



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