Commonwealth Repealed Acts

This legislation has been repealed.

CORPORATIONS LAW- SECT 211

Remuneration and reimbursement for officer or employee

 
Benefits that are reasonable remuneration
 

(1)
Member approval is not needed to give a financial benefit if:
 
 
 
(a)
the benefit is
remuneration to a related party as an officer or employee of the following:


 
 
(i)
the
public company

(ii)
an entity that the public company controls

(iii)
an entity that controls the public company

 (iv) an entity that is controlled by an entity that controls the public
company; and 

 
 
(b)
to give the
remuneration would be reasonable given: 

 
 
(i)
the
circumstances of the public company or entity giving the remuneration;
and

(ii)
the related party's circumstances (including the
responsibilities involved in the office or employment). 

 
Benefits that are payments of expenses incurred
 
 
(2)
Member approval is not needed to give a financial
benefit if: 
 
 
 
(a)
the
benefit is payment of expenses incurred or to be incurred, or reimbursement
for expenses incurred, by a related party in performing duties as an officer
or employee of the following: 

 
 
(i)
the
public company

(ii)
an entity that the public company controls

(iii)
an entity that controls the public company

 (iv) an entity that is controlled by an entity that controls the public
company; and 

 
 
(b)
to give the
benefit would be reasonable in the circumstances of the public company or
entity giving the remuneration. 

 
 
(3)
For the purposes of this section: 

 
 
(a)
a contribution made by a
body corporate to a fund for the purpose of making provision for, or
obtaining, superannuation benefits for an officer of the body, or for
dependants of an officer of the body, is remuneration provided by the body to
the officer of the body; and

(b)
a financial benefit given to a person because of the person
ceasing to hold an office or employment as an officer or employee of a body
corporate is remuneration paid or provided to the person in a capacity as an
officer of the body.