214Benefit to or by closely‑held subsidiary

214 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.