Document ID: chunk:federal_register_of_legislation:C2004A04707:front:0:p41
Version: federal_register_of_legislation:C2004A04707
Segment Type: other
Provision Reference: 
Character Range: 105400–108068

section 241;

'pay' includes pay indirectly through one or more interposed entities.".

6. After subsection 243K(7):

  Insert:

"(7A) A financial benefit given by a body corporate to a person who is an officer of the body by way of indemnifying the person against a liability incurred by the person as such an officer, or as an officer of a related body corporate, is remuneration paid or provided by the first-mentioned body to the person in a capacity as an officer of that body.

"(7B) A premium paid by a body corporate in respect of a contract insuring a person who is an officer of the body against a liability incurred by the person as such an officer, or as an officer of a related body corporate, is remuneration paid or provided by the first-mentioned body to the person in a capacity as an officer of that body.".

7. Subsection 243K(8):

  Omit ", (5), (6) and (7)" (first occurring), substitute "to (7B), inclusive,".

SCHEDULE 3—continued

8. Paragraph 243K(8)(b):

  Omit ", (5), (6) and (7)", substitute "to (7B), inclusive".

9. After section 309:

  Insert:

Indemnifying officer or auditor

  "309A.(1) If:

     (a) during or since the financial year, the company has indemnified against a liability a person who is or has been an officer or auditor of the company or of a related body corporate; and

     (b) but for subsection 241(2) or (3), subsection 241(1) would have prohibited the company from indemnifying the person against that liability;

the report must set out:

  (c) the person's name; and

  (d) the nature of the liability; and

     (e) how much the company paid, and what else the company did, by way of indemnifying the person against the liability.

  "(2) If:

    (a) during or since the financial year, the company has made a relevant agreement (as defined in section 9) for indemnifying against a liability a person who is or has been an officer or auditor of the company or of a related body corporate; and

    (b) but for subsection 241(2) or (3), subsection 241(1) would prohibit the company from indemnifying the person against that liability;

the report must set out particulars of the relevant agreement, including:

  (c) the person's name; and

  (d) the nature of the liability; and

    (e) how much the relevant agreement provides for the company to pay, and what else it provides for the company to do, by way of indemnifying the person against the liability.

  "(3) If:

    (a) during or since the financial year, the company has paid, or agreed to pay, a premium in respect of a contract insuring against a liability a person who is or has been an officer or auditor of the company or of a related body