Commonwealth Repealed Acts

This legislation has been repealed.

CORPORATIONS LAW- SECT 200B

Retirement benefits generally need membership approval

 
Benefits in connection with retirement from board or managerial
office
 
 
(1)
The following must not give a person a
benefit in connection with that person's, or someone else's, retirement from a
board or managerial office in a company, or a related body corporate, without
member approval under section  200E : 
 
 
 
(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.


 
 Note 1: Sections 200F, 200G
and 200H provide for exceptions to this rule.


Note 2: Section 9 defines board or managerial office. 


 
Prescribed superannuation funds
 

(2)
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. 

 
Prescribed circumstances
 
 
(3)
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 a
person's retirement from an office 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 a person's retirement
from an office 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.
 
 
(4)
In this
section: 
 
 
 superannuation fund means
a provident, benefit, superannuation or retirement fund.