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.
Sourced from the Federal Register of Legislation at 17 May 2026. For the latest information on Australian Government law please go to https://www.legislation.gov.au. Verify the current text against the official source before relying on it.
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