Commonwealth Consolidated Acts

CORPORATIONS (ABORIGINAL AND TORRES STRAIT ISLANDER) ACT 2006 - SECT 287.5

  (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.