Corporations (Aboriginal and Torres Strait Islander) Act 2006
CHAPTER 6
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OFFICERS
PART 6-6
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MEMBER APPROVAL NEEDED FOR RELATED PARTY BENEFIT
Division 293
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Related parties and financial benefits
SECTION 293-5
GIVING A FINANCIAL BENEFIT
293-5(1)
In determining what constitutes giving a financial benefit : (a) give a broad interpretation to financial benefits being given, even if criminal or civil penalties may be involved; and (b) the economic and commercial substance of conduct is to prevail over its legal form; and (c) disregard any consideration that is or may be given for the benefit, even if the consideration is adequate.
293-5(2)
Giving a financial benefit includes the following: (a) giving a financial benefit indirectly, for example, through 1 or more interposed entities; (b) giving a financial benefit by making an informal agreement, oral agreement or an agreement that has no binding force; (c) giving a financial benefit that does not involve paying money (for example by conferring a financial advantage).
293-5(3)
The following are examples of giving a financial benefit to a related party: (a) giving or providing the related party finance or property; (b) buying an asset from or selling an asset to the related party; (c) leasing an asset from or to the related party; (d) supplying services to or receiving services from the related party; (e) issuing securities or granting an option to the related party; (f) taking up or releasing an obligation of the related party.
In determining what constitutes giving a financial benefit : (a) give a broad interpretation to financial benefits being given, even if criminal or civil penalties may be involved; and (b) the economic and commercial substance of conduct is to prevail over its legal form; and (c) disregard any consideration that is or may be given for the benefit, even if the consideration is adequate.
293-5(2)
Giving a financial benefit includes the following: (a) giving a financial benefit indirectly, for example, through 1 or more interposed entities; (b) giving a financial benefit by making an informal agreement, oral agreement or an agreement that has no binding force; (c) giving a financial benefit that does not involve paying money (for example by conferring a financial advantage).
293-5(3)
The following are examples of giving a financial benefit to a related party: (a) giving or providing the related party finance or property; (b) buying an asset from or selling an asset to the related party; (c) leasing an asset from or to the related party; (d) supplying services to or receiving services from the related party; (e) issuing securities or granting an option to the related party; (f) taking up or releasing an obligation of the related party.
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