Document ID: chunk:federal_register_of_legislation:C2004C01070:clause:1_200b
Version: federal_register_of_legislation:C2004C01070
Segment Type: clause
Provision Reference: sch 1 cl 200B
Character Range: 40466–42571

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.