Corporations Act 2001
Note: This Chapter applies to a CCIV with modifications: see Division 5 of Part 8B.3 .
View history note
Hide history noteMember approval is not needed to give a financial benefit to a related party in a financial year if the total of the following amounts or values is less than or equal to the amount prescribed by the regulations for the purposes of this section:
(a) the amount or value of the financial benefit;
(b) the total of all other amounts or values of financial benefits given to the related party, in the financial year, for which member approval was not needed because of this section. 213(2) [ Calculation of amount]
In working out the total of the amounts or values referred to in paragraphs (1)(a) and (b):
(a) add in all amounts or values of financial benefits given to the related party in the financial year by:
(i) the public company or entity; and
(ii) any entities controlled by the public company or entity; and
(b) disregard:
(i) amounts that have been repaid; and
(ii) amounts that fall under any other exception in this Part.
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 financial benefit is given.
[ CCH Note: Act No 101 of 2007, Sch 1, Pt 6 [ 240] contained the following application provision (which was effective 1 July 2007):
]Application of item 190
The amendment made by item 190 of this Schedule applies to a financial year that begins on or after the day on which that item commences.
Disclaimer and notice of copyright applicable to materials provided by CCH Australia Limited
CCH Australia Limited ("CCH") believes that all information which it has provided in this site is accurate and reliable, but gives no warranty of accuracy or reliability of such information to the reader or any third party. The information provided by CCH is not legal or professional advice. To the extent permitted by law, no responsibility for damages or loss arising in any way out of or in connection with or incidental to any errors or omissions in any information provided is accepted by CCH or by persons involved in the preparation and provision of the information, whether arising from negligence or otherwise, from the use of or results obtained from information supplied by CCH.
The information provided by CCH includes history notes and other value-added features which are subject to CCH copyright. No CCH material may be copied, reproduced, republished, uploaded, posted, transmitted, or distributed in any way, except that you may download one copy for your personal use only, provided you keep intact all copyright and other proprietary notices. In particular, the reproduction of any part of the information for sale or incorporation in any product intended for sale is prohibited without CCH's prior consent.
