Document ID: chunk:federal_register_of_legislation:C2004A04501:schedule:3:p8
Version: federal_register_of_legislation:C2004A04501
Segment Type: schedule
Provision Reference: sch 3 (pt 8/16)
Character Range: 133444–136062

body as such is remuneration provided by the body to the officer.

"(6) A contribution made by a body corporate to a fund for the purpose of making provision for, or obtaining, superannuation benefits for an officer of the body, or for dependants of such an officer, is remuneration provided by the body to the officer.

"(7) A financial benefit given to a person because of the person ceasing to hold an office or employment as an officer or employee of a body corporate is remuneration paid or provided to the person in a capacity as an officer of the body.

"(8) Subsections (4), (5), (6) and (7) have effect for the purposes of subsections (1), (2) and (3), but nothing in them limits the generality of:

  (a)     the expression 'remuneration' in subsections (1) and (2); or

  (b)     anything else in subsections (4), (5), (6) and (7).

Advances, up to prescribed amount, to director or director's spouse

  "243L.(1) A body corporate may advance money to:

  (a)     a director of the body; or

  (b)     a spouse or de facto spouse of such a director;

unless the total of the following would exceed $2,000 or such greater amount as is prescribed:

  (c)     the amount of the advance;

     (d)     each amount (if any) that is still owing and was advanced to the director, spouse or de facto spouse by the body, or by a parent entity, child entity or sibling entity of the body.

"(2) For the purposes of subsection (1), an amount already advanced is to be disregarded if, because of this Division (other than this section) or Division 5, section 243H did not prohibit the advance.

Financial benefit given to or by closely-held subsidiary

"243M.(1) A body corporate may give a financial benefit to a closely-held subsidiary of the body.

"(2) A closely-held subsidiary of a body corporate may give a financial benefit to the body, or to a child entity of the body.

"(3) 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 such a body.

"(4) For the purposes of subsection (3), disregard shares that are not voting shares.

Financial benefit on arm's length terms

"243N.(1) A public company, or a child entity of a public company, may give a financial benefit to a related party of the public company if it does so on