Document ID: chunk:federal_register_of_legislation:C2024C00492:section:6:p93
Version: federal_register_of_legislation:C2024C00492
Segment Type: section
Provision Reference: s 6 (pt 93/175)
Character Range: 406209–408980

party in future
 (6) An entity is a related party of an Aboriginal and Torres Strait Islander corporation at a particular time if the entity believes or has reasonable grounds to believe that it is likely to become a related party of the corporation of a kind referred to in subsection (1), (2), (3) or (4) at any time in the future.

Acting in concert with related party
 (7) An entity is a related party of an Aboriginal and Torres Strait Islander corporation if the entity acts in concert with a related party of the corporation on the understanding that the related party will receive a financial benefit if the corporation gives the entity a financial benefit.

293‑5  Giving a financial benefit
 (1) In determining what constitutes giving a financial benefit:
 (a) give a broad interpretation to financial benefits being given, even if criminal or civil penalties may be involved; and
 (b) the economic and commercial substance of conduct is to prevail over its legal form; and
 (c) disregard any consideration that is or may be given for the benefit, even if the consideration is adequate.
 (2) Giving a financial benefit includes the following:
 (a) giving a financial benefit indirectly, for example, through 1 or more interposed entities;
 (b) giving a financial benefit by making an informal agreement, oral agreement or an agreement that has no binding force;
 (c) giving a financial benefit that does not involve paying money (for example by conferring a financial advantage).
 (3) The following are examples of giving a financial benefit to a related party:
 (a) giving or providing the related party finance or property;
 (b) buying an asset from or selling an asset to the related party;
 (c) leasing an asset from or to the related party;
 (d) supplying services to or receiving services from the related party;
 (e) issuing securities or granting an option to the related party;
 (f) taking up or releasing an obligation of the related party.

Division 296—Interaction with other rules

296‑1  General duties still apply
  A director is not relieved from any of his or her duties under this Act (including sections 265‑1 and 265‑25), or his or her fiduciary duties, in connection with a transaction merely because the transaction is authorised by a provision of this Part or is approved by a resolution of members under a provision of this Part.

Part 6‑7—Public information about directors, secretaries and contact persons

Division 301—Introduction

301‑1  What this Part is about

      This Part deals with the information that an Aboriginal and Torres Strait Islander corporation is required to lodge with the Registrar concerning its officers and contact person (if any).
      This information is entered on the Register of Aboriginal and Torres