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CORPORATIONS ACT 2001

CHAPTER 2D - OFFICERS AND EMPLOYEES  

PART 2D.2 - RESTRICTIONS ON INDEMNITIES, INSURANCE AND TERMINATION PAYMENTS  

Division 2 - Termination payments  

SECTION 200A  WHEN BENEFIT GIVEN IN CONNECTION WITH RETIREMENT FROM AN OFFICE OR POSITION  

200A(1)  General rules.  

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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).
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200A(1A)  Rules in regulations.  

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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 Legislative Instruments Act 2003.

200A(2)  Related benefits.  

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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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