Corporations Amendment (Improving Accountability on Termination Payments) Act 2009 (115 of 2009)

Schedule 1   Amendments

Part 1   Main amendments

Corporations Act 2001

40   Subsection 200J(1)

Repeal the subsection, substitute:

(1) If an entity (the giver ) contravenes section 200B by giving a benefit to a person (the recipient ), then the amount of the benefit, or the money value of the benefit if it is not a payment:

(a) is taken to be received by the recipient on trust for the giver; and

(b) must be immediately repaid by the recipient to the giver.

(1A) An amount repayable under subsection (1) to the giver:

(a) is a debt due to the giver; and

(b) may be recovered by the giver in a court of competent jurisdiction.

Note: The heading to section 200J is altered by omitting “ in trust for company ” and substituting “ on trust and repaid ”.