Corporations (Aboriginal and Torres Strait Islander) Act 2006

CHAPTER 6 - OFFICERS  

PART 6-6 - MEMBER APPROVAL NEEDED FOR RELATED PARTY BENEFIT  

Division 293 - Related parties and financial benefits  

SECTION 293-1   RELATED PARTIES  
Controlling entities

293-1(1)    
An entity that controls an Aboriginal and Torres Strait Islander corporation is a related party of the corporation.

Directors and their spouses

293-1(2)    
The following persons are related parties of an Aboriginal and Torres Strait Islander corporation:

(a)    directors of the corporation;

(b)    directors (if any) of an entity that controls the corporation;

(c)    if the corporation is controlled by an entity that is not a body corporate - each of the persons making up the controlling entity;

(d)    

spouses of the persons referred to in paragraphs (a) , (b) and (c) .

Relatives of directors and spouses

293-1(3)    
The following relatives of persons referred to in subsection (2) are related parties of the Aboriginal and Torres Strait Islander corporation:

(a)    parents;

(b)    children.

Entities controlled by other related parties

293-1(4)    
An entity controlled by a related party referred to in subsection (1) , (2) or (3) is a related party of the Aboriginal and Torres Strait Islander corporation unless the entity is also controlled by the corporation.

Related party in previous 6 months

293-1(5)    
An entity is a related party of an Aboriginal and Torres Strait Islander corporation at a particular time if the entity was a related party of the corporation of a kind referred to in subsection (1) , (2) , (3) or (4) at any time within the previous 6 months.

Entity has reasonable grounds to believe it will become related party in future

293-1(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

293-1(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.