sec.418Prohibition on loans to directors

### sec.418 Prohibition on loans to directors WorkCover must not, whether directly or indirectly— make a loan to a WorkCover director, a spouse of a director or a relative of a director or spouse; or give a guarantee or provide security in connection with a loan made to a WorkCover director, a spouse of a director or a relative of a director or spouse. Subsection (1) does not apply to the entering into by WorkCover of an instrument with a person mentioned in subsection (1) if the instrument is entered into on the same terms as similar instruments, if any, are entered into by WorkCover with members of the public. A WorkCover director must not be knowingly concerned in a contravention of subsection (1) by WorkCover (whether or not in relation to the director). Maximum penalty—100 penalty units. In this section— relative means— a parent or remoter lineal ancestor; or a son, daughter or remoter issue; or a brother or sister. (sec.418-ssec.1) WorkCover must not, whether directly or indirectly— make a loan to a WorkCover director, a spouse of a director or a relative of a director or spouse; or give a guarantee or provide security in connection with a loan made to a WorkCover director, a spouse of a director or a relative of a director or spouse. (sec.418-ssec.2) Subsection (1) does not apply to the entering into by WorkCover of an instrument with a person mentioned in subsection (1) if the instrument is entered into on the same terms as similar instruments, if any, are entered into by WorkCover with members of the public. (sec.418-ssec.3) A WorkCover director must not be knowingly concerned in a contravention of subsection (1) by WorkCover (whether or not in relation to the director). Maximum penalty—100 penalty units. (sec.418-ssec.4) In this section— relative means— a parent or remoter lineal ancestor; or a son, daughter or remoter issue; or a brother or sister. - (a) make a loan to a WorkCover director, a spouse of a director or a relative of a director or spouse; or - (b) give a guarantee or provide security in connection with a loan made to a WorkCover director, a spouse of a director or a relative of a director or spouse. - (a) a parent or remoter lineal ancestor; or - (b) a son, daughter or remoter issue; or - (c) a brother or sister.