Corporations Act 2001

CHAPTER 2D - OFFICERS AND EMPLOYEES  

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

Division 2 - Termination payments  

SECTION 200C   BENEFITS ON TRANSFER OF UNDERTAKING OR PROPERTY NEED MEMBERSHIP APPROVAL  

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200C(1)    
A person must not give a benefit to a person who:

(a)    

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holds, or has at any previous time held, a managerial or executive office in a company or a related body corporate; or

(b)    is the spouse of a person referred to in paragraph (a); or

(c)    is a relative of a person referred to in paragraph (a) or of the spouse of such a person; or

(d)    is an associate of a person referred to in paragraph (a) or the spouse of an associate of such a person;

in connection with the transfer of the whole or any part of the undertaking or property of the company.

Note: This section has a modified operation in relation to CCIVs: see section 1224ZD .

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History

S 200C(1) amended by No 8 of 2022, s 3, Sch 2[69] (effective 1 July 2022).

S 200C(1) amended by No 115 of 2009, s 3, Sch 1, Pt 1 [ 15 - 16] [ see relevant application provision under s 200 of this Act].

S 200C(1) amended by No 117 of 2001, s 3, Sch 1 [ 40].

200C(2)    

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For an offence based on subsection (1) , strict liability applies to the circumstance, that the transfer is in connection with the transfer of the whole or any part of the undertaking or property of the company.

Note: For strict liability , see section 6.1 of the Criminal Code .

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History

S 200C(2) inserted by No 117 of 2001, s 3, Sch 1 [ 41].

200C(3)    

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Subsection (1) does not apply to the extent that there is member approval under section 200E .

Note: A defendant bears an evidential burden in relation to the matter in subsection (3) , see subsection 13.3(3) of the Criminal Code .

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History

S 200C(3) inserted by No 117 of 2001, s 3, Sch 1 [ 41].

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