Document ID: chunk:federal_register_of_legislation:C2025C00185:section:214
Version: federal_register_of_legislation:C2025C00185
Segment Type: section
Provision Reference: s 214
Character Range: 695416–696251

214  Benefit to or by closely‑held subsidiary
 (1) Member approval is not needed to give a financial benefit if the benefit is given:
 (a) by a body corporate to a closely‑held subsidiary of the body; or
 (b) by a closely‑held subsidiary of a body corporate to the body or an entity it controls.
 (2) For the purposes of this section, a body corporate is a closely‑held subsidiary of another body corporate if, and only if, no member of the first‑mentioned body is a person other than:
 (a) the other body; or
 (b) a nominee of the other body; or
 (c) a body corporate that is a closely‑held subsidiary of the other body because of any other application or applications of this subsection; or
 (d) a nominee of a body referred to in paragraph (c).
 (3) For the purposes of subsection (2), disregard shares that are not voting shares.