Banking Act 1959

Part IIAA - The Banking Executive Accountability Regime  

Division 4 - Deferred remuneration obligations  

SECTION 37ED   Exemption for small amounts of variable remuneration  

(1)  
Paragraph 37E(1)(a) does not apply in relation to the variable remuneration of an accountable person for a financial year if the amount of the person ' s variable remuneration that is required, or would apart from this section be required, under subparagraph 37E(1)(a)(ii) to be deferred for that financial year is less than:


(a) the amount determined under subsection (2); or


(b) if a determination under subsection (2) is not in force - $50,000.

(2)  
The Minister may, by legislative instrument, determine an amount for the purposes of paragraph (1)(a).


 

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