THE CORPORATIONS LAW

CHAPTER 2D - OFFICERS AND EMPLOYEES

PART 2D.2 - RESTRICTIONS ON INDEMNITIES, INSURANCE AND TERMINATION PAYMENTS

Division 2 - Termination payments

SECTION 200A   WHEN BENEFIT GIVEN IN CONNECTION WITH RETIREMENT FROM OFFICE  

200A(1)  (Interpretation)  

For the purposes of this Division:

(a)  a benefit is given in connection with a person's retirement from an office if the benefit is given:

(i) by way of compensation for, or otherwise in connection with, the loss by the person of the office; or

(ii) in connection with the person's retirement from the office; and

(b)  giving a benefit includes:

(i) if the benefit is a payment - making the payment; and

(ii) if the benefit is an interest in property - transferring the interest; and

(c)  a person gives a benefit even if the person is obliged to give the benefit under a contract; and

(d)  a pension or lump sum is paid or payable in connection with the person's retirement from an office if the pension or lump sum is paid or payable:

(i) by way of compensation for, or otherwise in connection with, the loss by the person of the office; or

(ii) in connection with the person's retirement from the office; and

(e)  retirement from an office includes:

(i) loss of the office; and

(ii) resignation from the office; and

(iii) death of a person at a time when they hold the office.

200A(2)  (Giving a benefit)  

For the purposes of this Division, if:

(a)  a person ( person A ) gives another person a benefit ( benefit A ); and

(b)  person A gives benefit A for the purpose, or for purposes including the purpose, of enabling or assisting someone to give a person a benefit in connection with the retirement of a person ( person B ) from an office;

person A is taken to give benefit A in connection with the person B's retirement from that office.