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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 200J  BENEFITS TO BE HELD ON TRUST AND REPAID  

200J(1)  [Creation of trust]  

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If an entity (the giver) contravenes section 200B by giving a benefit to a person (the recipient), then the amount of the benefit, or the money value of the benefit if it is not a payment:


(a) is taken to be received by the recipient on trust for the giver; and


(b) must be immediately repaid by the recipient to the giver.

200J(1A)  [Character of amount]  

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An amount repayable under subsection (1) to the giver:


(a) is a debt due to the giver; and


(b) may be recovered by the giver in a court of competent jurisdiction.

200J(2)  [Section applies to whole amount]  


Subsection (1) applies to the whole of the amount of a payment or of the money value of the benefit even though giving the benefit would not have contravened section 200B if that amount or value of the benefit had been less.

 



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