Common use of Prohibition on Financial Benefits to Related Parties Clause in Contracts

Prohibition on Financial Benefits to Related Parties. The Authority must not give a Financial Benefit to a Related Party of the Authority unless: a) a Special Majority of the Participants approve in writing of the giving of the Financial Benefit; or b) the giving of the Financial Benefit is on terms no more favourable to the Related Party of the Authority than would be reasonable in the circumstances if the Authority and the Related Party were dealing at arm’s length; or c) the giving of the Financial Benefit is remuneration to a Board Member under clause 7.7; d) the giving of the Financial Benefit is an indemnity, payment in respect of Legal Costs or insurance premium payable by the Authority in accordance with clause 7.9; or e) the Financial Benefit is given to the Related Party in their capacity as a Participant and the giving of the benefit does not discriminate unfairly against the other Participants.

Prohibition on Financial Benefits to Related Parties. The Authority must not give a Financial Benefit to a Related Party of the Authority unless: (a) a Special Majority of the all Participants approve in writing of the giving of the Financial Benefit; or (b) the giving of the Financial Benefit is on terms no more favourable to the Related Party of the Authority than would be reasonable in the circumstances if the Authority and the Related Party were dealing at arm’s 's length; or (c) the giving of the Financial Benefit is remuneration to a Board Member under clause 7.76.7; (d) the giving of the Financial Benefit is an indemnity, payment in respect of Legal Costs or insurance premium payable by the Authority in accordance with clause 7.96.9; or (e) the Financial Benefit is given to the Related Party in their capacity as a Participant and the giving of the benefit does not discriminate unfairly against the other Participants.

Prohibition on Financial Benefits to Related Parties. The Authority must not give a Financial Benefit to a Related Party of the Authority unless: (a) a Special Majority of all the Participants approve in writing of the giving of the Financial Benefit; or; (b) the giving of the Financial Benefit is on terms tenos no more favourable to the Related Party of the Authority than would be reasonable in the circumstances if the Authority and the Related Party were dealing at arm’s length; orann's Icngth; (c) the giving of the Financial Benefit is remuneration a payment to a Board Member under clause 7.7;Clause 5.8; . (d) the giving of the Financial Benefit is an indemnity, payment in respect of Legal Costs or insurance premium payable by the Authority in accordance with clause 7.9Clause 5.10; or (e) the Financial Benefit is given to the Related Party of the Authority in their capacity as a Participant and the giving of the benefit does not discriminate unfairly against the Ihe other Participants.