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 2E - RELATED PARTY TRANSACTIONS  

PART 2E.1 - MEMBER APPROVAL NEEDED FOR RELATED PARTY BENEFIT  

Division 2 - Exceptions to the requirement for member approval  

SECTION 214  BENEFIT TO OR BY CLOSELY-HELD SUBSIDIARY  

214(1)  [When approval not needed]  


Member approval is not needed to give a financial benefit if the benefit is given:


(a) by a body corporate to a closely-held subsidiary of the body; or


(b) by a closely-held subsidiary of a body corporate to the body or an entity it controls.

214(2)  [``closely-held subsidiary'']  


For the purposes of this section, a body corporate is a closely-held subsidiary of another body corporate if, and only if, no member of the first-mentioned body is a person other than:


(a) the other body; or


(b) a nominee of the other body; or


(c) a body corporate that is a closely-held subsidiary of the other body because of any other application or applications of this subsection; or


(d) a nominee of a body referred to in paragraph (c).

214(3)  [Disregard non-voting shares]  


For the purposes of subsection (2), disregard shares that are not voting shares.

 



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