Document ID: chunk:federal_register_of_legislation:C2009A00115:clause:1_12
Version: federal_register_of_legislation:C2009A00115
Segment Type: clause
Provision Reference: sch 1 cl 12
Character Range: 6948–8210

12  Subsection 200B(1)
Repeal the subsection, substitute:

Benefits in connection with retirement if person has held a managerial or executive office
 (1) An entity mentioned in subsection (1AA) must not give a person a benefit in connection with a person's (the retiree's) retirement from an office, or position of employment, in a company or a related body corporate if:
 (a) the office or position is a managerial or executive office; or
 (b) the retiree has, at any time during the last 3 years before his or her retirement, held a managerial or executive office in the company or a related body corporate;
unless there is member approval under section 200E for the giving of the benefit.
Note 1: This subsection extends to benefits given by way of compensation for, or otherwise in connection with, a person's loss of an office or position (see subsections 200A(1) and (3)).
Note 2: Sections 200F, 200G and 200H provide for exceptions to this subsection.
Note 3: The recipient of the benefit need not be the retiree.
 (1AA) The entities are as follows:
 (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.