Document ID: chunk:federal_register_of_legislation:C2018A00147:clause:1_306b
Version: federal_register_of_legislation:C2018A00147
Segment Type: clause
Provision Reference: sch 1 cl 306B
Character Range: 104722–106018

306B  Repayment of gifts where corporations wound up etc.
 (1) This section applies if:
 (a) a registered political party, a political campaigner, a candidate or a member of a group receives from a corporation a gift whose amount or value is more than the disclosure threshold; and
 (b) the corporation is wound up in insolvency, or by the court on other grounds, within a year of making the gift.
 (2) The amount or value of the gift is payable, and may be recovered by the liquidator as a debt due to the liquidator in a court of competent jurisdiction, by:
 (a) for a gift to or for the benefit of a registered political party or a political campaigner (the gift recipient):
 (i) if the gift recipient is a body corporate—the gift recipient; or
 (ii) if the gift recipient is a registered political party that is not a body corporate—the agent of the gift recipient; or
 (iii) if the gift recipient is a political campaigner that is not a body corporate—the financial controller of the gift recipient; or
 (b) for a gift to or for the benefit of a candidate or member of the group—the candidate or member, or the agent of the candidate or the group.
Note: The gift received by the liquidator is an asset of the corporation to be distributed under the provisions of the Corporations Act 2001.