A T O home
Legal Database
Search   
for 
 
Access the database 
Browse database
Searches  
View last document
Quick access 
View legislation
View a document
Email Cross Reference Material Previous/Next Section Contents Previous/Next Result
Printable version
Printable
version

CORPORATIONS ACT 2001

CHAPTER 2D - OFFICERS AND EMPLOYEES  

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

Division 2 - Termination payments  

SECTION 200B  RETIREMENT BENEFITS GENERALLY NEED MEMBERSHIP APPROVAL  

200B(1)  Benefits in connection with retirement if person has held a managerial or executive office.  

 View history reference

An entity mentioned in subsection (1AA) must not give a person a benefit in connection with a person's (the retiree's) retirement from an office, or position of employment, in a company or a related body corporate if:


(a) the office or position is a managerial or executive office; or


(b) the retiree has, at any time during the last 3 years before his or her retirement, held a managerial or executive office in the company or a related body corporate;

unless there is member approval under section 200E for the giving of the benefit.

Note 1: This subsection extends to benefits given by way of compensation for, or otherwise in connection with, a person's loss of an office or position (see subsections 200A(1) and (3)).

Note 2: Sections 200F, 200G and 200H provide for exceptions to this subsection.

Note 3: The recipient of the benefit need not be the retiree.

200B(1AA)  [Entities]  

 View history reference

The entities are as follows:


(a) the company;


(b) an associate of the company (other than a body corporate that is related to the company and is itself a company);


(c) a prescribed superannuation fund in relation to the company.

200B(1A)  [Strict liability offence]  

 View history reference

For an offence based on subsection (1), strict liability applies to the circumstance, that the benefit is in connection with the retiree's, or someone else's, retirement.

Note: For strict liability, see section 6.1 of the Criminal Code.

200B(2)  Prescribed superannuation funds.  


For the purposes of this section:


(a) a superannuation fund is taken to be a prescribed superannuation fund in relation to a company if the company, or an associate of the company, gives a benefit to the superannuation fund in prescribed circumstances; and


(b) if a prescribed superannuation fund in relation to a company gives a benefit to another superannuation fund in prescribed circumstances, the other superannuation fund is taken to be a prescribed superannuation fund in relation to the company.

200B(3)  Prescribed circumstances.  

 View history reference

For the purposes of this section, if:


(a) a company, or an associate of a company, gives a benefit to a superannuation fund solely for the purpose of enabling or assisting the superannuation fund to give to a person a benefit in connection with the retiree's retirement from an office or position in the company or a related body corporate; or


(b) a superannuation fund gives a benefit to another superannuation fund solely for the purpose of enabling or assisting the other superannuation fund to give to a person a benefit in connection with the retiree's retirement from an office or position in a company or a related body corporate;

the benefit first referred to in paragraph (a) or (b) is taken to be given in prescribed circumstances.

200B(4)  ["superannuation fund"]  


In this section:

superannuation fund means a provident, benefit, superannuation or retirement fund.

 



This information is provided by CCH Australia Limited. View the disclaimer and notice of copyright.
Top of page
More information on page