Commonwealth Numbered Acts

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CORPORATIONS ACT 2001 - SECT 200A

When benefit given in connection with retirement from office

(1) For the purposes of this Division:

(a)
a benefit is given in connection with a person's retirement from an office 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
(ii)
in connection with the person's retirement from the office; 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 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
(ii)
in connection with the person's retirement from the office; and
(e)
retirement from an office includes:

(i)
loss of the office; and
(ii)
resignation from the office; and
(iii)
death of a person at a time when they hold the office.

(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;

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



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