THE CORPORATIONS LAW

CCH Note: Part 13 of the Corporations Act 1989, inserted by sec 6 of No 110 of 1990, Sch 1 (effective 1 January 1991), begins as follows:

PART 13 - THE CORPORATIONS LAW

THE CORPORATIONS LAW   82 

The Corporations Law is as follows:...

CHAPTER 2E - RELATED PARTY TRANSACTIONS

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History

Chapter 2E substituted by No 156 of 1999, Sch 1 (effective 13 March 2000).

PART 2E.1 - MEMBER APPROVAL NEEDED FOR RELATED PARTY BENEFIT

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History

Part 2E.1 substituted by No 156 of 1999, Sch 1 (effective 13 March 2000).

Division 2 - Exceptions to the requirement for member approval

SECTION 213   SMALL AMOUNTS GIVEN TO DIRECTOR OR SPOUSE  

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213(1)  [Monetary limit]  

Member approval is not needed to give a financial benefit that is an amount of money for a director of the public company or their spouse or de facto spouse if the amount does not exceed $2,000 or a greater amount as prescribed by the regulations.

213(2)  [Calculation of amount]  

In working out the amount given:

(a)  add in all amounts previously given by the public company and any entities controlled by the public company to:

(i) the director; or

(ii) their spouse; or

(iii) their de facto spouse; and

(b)  disregard:

(i) amounts that have been repaid; and

(ii) amounts that fall under any other exception in this Part or a corresponding previous law.

For the purposes of this subsection, the time at which the entity must be controlled by the public company is the time at which the amount is given.

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History

S 213 inserted by No 156 of 1999, Sch 1 (effective 13 March 2000).

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