CORPORATIONS (ABORIGINAL AND TORRES STRAIT ISLANDER) ACT 2006 - SECT 293.1 Related parties

CORPORATIONS (ABORIGINAL AND TORRES STRAIT ISLANDER) ACT 2006 - SECT 293.1

Controlling entities

  (1)   An entity that controls an Aboriginal and Torres Strait Islander corporation is a related party of the corporation.

Directors and their spouses

  (2)   The following persons are related parties of an Aboriginal and Torres Strait Islander corporation:

  (a)   directors of the corporation;

  (b)   directors (if any) of an entity that controls the corporation;

  (c)   if the corporation is controlled by an entity that is not a body corporate--each of the persons making up the controlling entity;

  (d)   spouses of the persons referred to in paragraphs   (a), (b) and (c).

Relatives of directors and spouses

  (3)   The following relatives of persons referred to in subsection   (2) are related parties of the Aboriginal and Torres Strait Islander corporation:

  (a)   parents;

  (b)   children.

Entities controlled by other related parties

  (4)   An entity controlled by a related party referred to in subsection   (1), (2) or (3) is a related party of the Aboriginal and Torres Strait Islander corporation unless the entity is also controlled by the corporation.

Related party in previous 6 months

  (5)   An entity is a related party of an Aboriginal and Torres Strait Islander corporation at a particular time if the entity was a related party of the corporation of a kind referred to in subsection   (1), (2), (3) or (4) at any time within the previous 6 months.

Entity has reasonable grounds to believe it will become related party in future

  (6)   An entity is a related party of an Aboriginal and Torres Strait Islander corporation at a particular time if the entity believes or has reasonable grounds to believe that it is likely to become a related party of the corporation of a kind referred to in subsection   (1), (2), (3) or (4) at any time in the future.

Acting in concert with related party

  (7)   An entity is a related party of an Aboriginal and Torres Strait Islander corporation if the entity acts in concert with a related party of the corporation on the understanding that the related party will receive a financial benefit if the corporation gives the entity a financial benefit.