THE CORPORATIONS LAW
PART 13 - THE CORPORATIONS LAW
THE CORPORATIONS LAW 82 The Corporations Law is as follows:...
CHAPTER 2E - RELATED PARTY TRANSACTIONS
PART 2E.1 - MEMBER APPROVAL NEEDED FOR RELATED PARTY BENEFIT
Division 2 - Exceptions to the requirement for member approval
SECTION 213 SMALL AMOUNTS GIVEN TO DIRECTOR OR SPOUSE 213(1) [Monetary limit] Member approval is not needed to give a financial benefit that is an amount of money for a director of the public company or their spouse or de facto spouse if the amount does not exceed $2,000 or a greater amount as prescribed by the regulations. 213(2) [Calculation of amount] In working out the amount given: (a) add in all amounts previously given by the public company and any entities controlled by the public company to:(i) the director; or
(ii) their spouse; or
(iii) their de facto spouse; and(b) disregard:
(i) amounts that have been repaid; and
(ii) amounts that fall under any other exception in this Part or a corresponding previous law.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 amount is given.
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