Corporations Act 2001

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 AN OFFICE OR POSITION  

General rules

200A(1)    

For the purposes of this Division:

(a) a benefit is given in connection with a person's retirement from an office or position 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 position; or

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

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

(e) retirement from an office or position includes:

(i) loss of the office or position; and

(ii) resignation from the office or position; and

(iii) death of a person at a time when they hold the office or position; and

(f) when working out whether a person has retired from an office or position, disregard whether or not the person ' s details are included in a directors ' report in accordance with paragraph 300A(1)(c) .

Rules in regulations

200A(1A)    

Without limiting subsection (1), a benefit is given in connection with a person ' s retirement from an office or position if the benefit is given in circumstances specified in regulations made for the purposes of this subsection.

Note: For specification by class, see subsection 13(3) of the Legislation Act 2003 .

Related benefits

200A(2)    

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 or position;

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