sec.102BMeaning of eligible company

### sec.102B Meaning of eligible company An eligible company is a company that— is registered under the Corporations Act ; and is carried on other than for the profit or gain of its individual members; and has a constitution that, at all times— requires the company to maintain a board, constituted by 9 directors, that has the composition required under subsection (2) ; and prohibits dividends being paid to, or the income, profits or assets of the company being distributed among, its members; and requires the persons appointed or employed as executive officers of the company to be eligible individuals; and includes provisions about— the way the chair and directors are appointed and removed; and the way the chair and directors vote on and decide matters; and the remuneration and other entitlements of the chair and directors; and the way the constitution is amended; and another matter prescribed by regulation. For subsection (1) (c) (i) , the required composition of the board is as follows— a chair who is— a director; and independent of the beverage industry; and approved by the Minister; at least 1 director who is an executive officer, employee or business associate of a small beverage manufacturer or an association that represents small beverage manufacturers; at least 1 director who is an executive officer, employee or business associate of a large beverage manufacturer; at least 1 director who— represents the interests of the community; and is independent of the beverage industry; and is approved by the Minister; at least 2 other directors who— have legal or financial qualifications and experience; and are independent of the beverage industry. In this section— independent of the beverage industry , for a person, means the person is not an executive officer, employee or business associate of a manufacturer of a beverage product. large beverage manufacturer means a manufacturer of a beverage product other than a small beverage manufacturer. small beverage manufacturer see section 99R (2) . s 102B ins 2017 No. 31 s 5 (sec.102B-ssec.1) An eligible company is a company that— is registered under the Corporations Act ; and is carried on other than for the profit or gain of its individual members; and has a constitution that, at all times— requires the company to maintain a board, constituted by 9 directors, that has the composition required under subsection (2) ; and prohibits dividends being paid to, or the income, profits or assets of the company being distributed among, its members; and requires the persons appointed or employed as executive officers of the company to be eligible individuals; and includes provisions about— the way the chair and directors are appointed and removed; and the way the chair and directors vote on and decide matters; and the remuneration and other entitlements of the chair and directors; and the way the constitution is amended; and another matter prescribed by regulation. (sec.102B-ssec.2) For subsection (1) (c) (i) , the required composition of the board is as follows— a chair who is— a director; and independent of the beverage industry; and approved by the Minister; at least 1 director who is an executive officer, employee or business associate of a small beverage manufacturer or an association that represents small beverage manufacturers; at least 1 director who is an executive officer, employee or business associate of a large beverage manufacturer; at least 1 director who— represents the interests of the community; and is independent of the beverage industry; and is approved by the Minister; at least 2 other directors who— have legal or financial qualifications and experience; and are independent of the beverage industry. (sec.102B-ssec.3) In this section— independent of the beverage industry , for a person, means the person is not an executive officer, employee or business associate of a manufacturer of a beverage product. large beverage manufacturer means a manufacturer of a beverage product other than a small beverage manufacturer. small beverage manufacturer see section 99R (2) . - (a) is registered under the Corporations Act ; and - (b) is carried on other than for the profit or gain of its individual members; and - (c) has a constitution that, at all times— (i) requires the company to maintain a board, constituted by 9 directors, that has the composition required under subsection (2) ; and (ii) prohibits dividends being paid to, or the income, profits or assets of the company being distributed among, its members; and (iii) requires the persons appointed or employed as executive officers of the company to be eligible individuals; and (iv) includes provisions about— (A) the way the chair and directors are appointed and removed; and (B) the way the chair and directors vote on and decide matters; and (C) the remuneration and other entitlements of the chair and directors; and (D) the way the constitution is amended; and (E) another matter prescribed by regulation. - (i) requires the company to maintain a board, constituted by 9 directors, that has the composition required under subsection (2) ; and - (ii) prohibits dividends being paid to, or the income, profits or assets of the company being distributed among, its members; and - (iii) requires the persons appointed or employed as executive officers of the company to be eligible individuals; and - (iv) includes provisions about— (A) the way the chair and directors are appointed and removed; and (B) the way the chair and directors vote on and decide matters; and (C) the remuneration and other entitlements of the chair and directors; and (D) the way the constitution is amended; and (E) another matter prescribed by regulation. - (A) the way the chair and directors are appointed and removed; and - (B) the way the chair and directors vote on and decide matters; and - (C) the remuneration and other entitlements of the chair and directors; and - (D) the way the constitution is amended; and - (E) another matter prescribed by regulation. - (i) requires the company to maintain a board, constituted by 9 directors, that has the composition required under subsection (2) ; and - (ii) prohibits dividends being paid to, or the income, profits or assets of the company being distributed among, its members; and - (iii) requires the persons appointed or employed as executive officers of the company to be eligible individuals; and - (iv) includes provisions about— (A) the way the chair and directors are appointed and removed; and (B) the way the chair and directors vote on and decide matters; and (C) the remuneration and other entitlements of the chair and directors; and (D) the way the constitution is amended; and (E) another matter prescribed by regulation. - (A) the way the chair and directors are appointed and removed; and - (B) the way the chair and directors vote on and decide matters; and - (C) the remuneration and other entitlements of the chair and directors; and - (D) the way the constitution is amended; and - (E) another matter prescribed by regulation. - (A) the way the chair and directors are appointed and removed; and - (B) the way the chair and directors vote on and decide matters; and - (C) the remuneration and other entitlements of the chair and directors; and - (D) the way the constitution is amended; and - (E) another matter prescribed by regulation. - (a) a chair who is— (i) a director; and (ii) independent of the beverage industry; and (iii) approved by the Minister; - (i) a director; and - (ii) independent of the beverage industry; and - (iii) approved by the Minister; - (b) at least 1 director who is an executive officer, employee or business associate of a small beverage manufacturer or an association that represents small beverage manufacturers; - (c) at least 1 director who is an executive officer, employee or business associate of a large beverage manufacturer; - (d) at least 1 director who— (i) represents the interests of the community; and (ii) is independent of the beverage industry; and (iii) is approved by the Minister; - (i) represents the interests of the community; and - (ii) is independent of the beverage industry; and - (iii) is approved by the Minister; - (e) at least 2 other directors who— (i) have legal or financial qualifications and experience; and (ii) are independent of the beverage industry. - (i) have legal or financial qualifications and experience; and - (ii) are independent of the beverage industry. - (i) a director; and - (ii) independent of the beverage industry; and - (iii) approved by the Minister; - (i) represents the interests of the community; and - (ii) is independent of the beverage industry; and - (iii) is approved by the Minister; - (i) have legal or financial qualifications and experience; and - (ii) are independent of the beverage industry.