CORPORATIONS (ABORIGINAL AND TORRES STRAIT ISLANDER) ACT 2006 - SECT 287.5 Benefit to or by closely - held subsidiary
CORPORATIONS (ABORIGINAL AND TORRES STRAIT ISLANDER) ACT 2006 - SECT 287.5
Benefit to or by closely - held subsidiary(1) Member approval is not needed to give a financial benefit if the benefit is given:
(a) by a body corporate to a closely - held subsidiary of the body; or
(b) by a closely - held subsidiary of a body corporate to the body or an entity it controls.
(2) For the purposes of this section, a body corporate is a closely - held subsidiary of another body corporate if, and only if, no member of the first - mentioned body is a person other than:
(a) the other body; or
(b) a nominee of the other body; or
(c) a body corporate that is a closely - held subsidiary of the other body because of any other application or applications of this subsection; or
(d) a nominee of a body referred to in paragraph (c).
(3) For the purposes of subsection (2), disregard shares
that are not voting shares.