Commonwealth Repealed Acts

This legislation has been repealed.

CORPORATIONS LAW- SECT 200A

When benefit given in connection with retirement from office

 
 
(1)
For the purposes of this Division: 
 
 
(a)
a benefit is given in
connection with a person's retirement from an office 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

(ii)
in connection with the person's retirement from the office; 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 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

(ii)
in connection with the person's retirement from the office; and


 
 
(e)
retirement
from an office includes: 

 
 
(i)
loss of
the office; and

(ii)
resignation from the office; and

(iii)
death of a person at a time when they hold the office.


 
 
(2)
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; 

 
person A is taken to give benefit A in connection with the
person B's retirement from that office.