Document ID: chunk:federal_register_of_legislation:C2004A03231:body:0:p42
Version: federal_register_of_legislation:C2004A03231
Segment Type: other
Provision Reference: 
Character Range: 104650–107447

in force after the commencement of section 68 of the Companies and Securities Legislation (Miscellaneous Amendments) Act 1985, and sub-sections (4a) and (4b) of this section apply in relation to a director, principal executive officer or secretary of a company who is appointed or re-appointed after that commencement.".

Benefits for loss of, or retirement from, office
69. Section 233 of the Principal Act is amended—
     (a) by omitting sub-sections (1) to (5) (inclusive) and substituting the following sub-sections:
    "(1) It is unlawful—
         (a) for a company, or for a prescribed superannuation fund in relation to a company, to give a prescribed benefit to a person in connection with the retirement of a person from a prescribed office in relation to the company;
         (b) for an associate of a company to give a prescribed benefit to a person in connection with the retirement of a person (other than the associate) from a prescribed office in relation to the company; or
         (c) for a person to give a prescribed benefit to a prescribed person in connection with the transfer of the whole or any part of the undertaking or property of a company,
    unless—
         (d) particulars with respect to the proposed prescribed benefit, including—
             (i) in the case of a proposed prescribed benefit that is a payment—the amount of the payment; or
             (ii) in any other case—the money value of the proposed prescribed benefit; and
         (e) in a case where paragraph (a) or (b) applies—particulars of all other relevant benefits given or proposed to be given,
    have been disclosed to the members of the company and the giving of the proposed prescribed benefit has been approved by the company in general meeting.
    "(1a) Where, by virtue of the fact that—
         (a) the particulars required by sub-section (1) to be disclosed to the members of a company in relation to the giving to a person of a proposed prescribed benefit have been so disclosed; and
         (b) the giving to the person of the proposed prescribed benefit has been approved by the company in general meeting,
    sub-section (1) does not prohibit the giving to the person of the proposed prescribed benefit, that sub-section does not prohibit the giving to the person, instead of the proposed prescribed benefit, of a prescribed benefit the amount or money value of which is less than the amount or money value of the proposed prescribed benefit.
    "(2) Paragraph (1) (a) or (b) does not apply in relation to—
         (a) the giving of an exempt benefit; or
         (b) the giving of a prescribed benefit in prescribed circumstances.

    "(2a) Paragraph (1) (a) or (b) does not apply in relation to the giving of a prescribed benefit in connection with the retirement