Ch 5D inserted by No 108 of 2009, Sch 2 (effective 6 May 2010).
SECTION 601SCD ARM'S LENGTH TRANSACTIONS
Note: Failure to comply with this subsection is an offence (see subsection 1311(1)).
(a) would be reasonable in the circumstances if the trustee company and the related party were dealing at arm's length; or
(b) are less favourable to the related party than the terms referred to in paragraph (a).
financial benefit has a meaning that is affected by section 229.
related party has the meaning given by section 228, as if references in that section to a public company were references to a licensed trustee company.
S 601SCD inserted by No 24 of 2011, s 3, Sch 1 (effective 10 May 2011).