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Section 200B(1) Corporations Act 2001
Retirement Benefits Generally Need Membership Approval

Section 200B(1) of the Corporations Act 2001 (Cth) is ‘Retirement Benefits Generally Need Membership Approval’ and is extracted below.

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The Legislation

Section 200B(1) of the Corporations Act 2001 (Cth) is Retirement Benefits Generally Need Membership Approval and reads as follows:

Retirement Benefits Generally Need Membership Approval

Benefits in connection with retirement if person has held a managerial or executive office

(1)  An entity mentioned in subsection (1AA) must not give a person a benefit in connection with a person’s (the retiree’s ) retirement from an office, or position of employment, in a company or a related body corporate if:

(a)  the office or position is a managerial or executive office; or

(b)  the retiree has, at any time during the last 3 years before his or her retirement, held a managerial or executive office in the company or a related body corporate;

unless there is member approval under section 200E for the giving of the benefit.

Note 1:       This subsection extends to benefits given by way of compensation for, or otherwise in connection with, a person’s loss of an office or position (see subsections 200A(1) and (3)).

Note 2:       Sections 200F, 200G and 200H provide for exceptions to this subsection.

Note 3:       The recipient of the benefit need not be the retiree.

The penalties

The maximum penalty for the offence of breaching Retirement Benefits Generally Need Membership Approval is:

For an individual 6 months imprisonment, 180 penalty units, or both; and for a body corporate 1,800 penalty units (a Commonwealth penalty unit is currently $210).

However, it should be kept in mind that maximum penalties are reserved for the most serious cases.

Your legal team will be able to advise you of the essential elements the prosecution would need to prove in order to establish the offence, whether those elements are capable of being established in your particular situation, the most effective and efficient way forward and the likely outcome.

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At Sydney Criminal Lawyers®, we have extensive experience defending and winning some of the most complex criminal matters – so you can rest assured that you are in safe hands.

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Where issues are found, our lawyers will write to the prosecution asking to have the charges dropped on this basis – often sparing our clients the considerable time and expense associated with defended hearings.

However, should your matter proceed to court, our senior lawyers will represent you and present a strong defence case to maximise your chances of being found ‘not guilty.’

Our senior lawyers are highly skilled advocates who have been recognised for their expert knowledge of the criminal law, as well as their ability to obtain excellent results in difficult cases.

We can assist you in avoiding the harsh penalties imposed by the law if you simply wish to plead guilty – in these cases, our experienced advocates can prepare and present compelling sentencing submissions which focus on any positive factors of your case.

For the best defence in your case, get the experts on your side today.

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