Commentary on Sections Overview Overview Section 689: Receipt of consideration in connection with relevant company distribution (circumstance D)
2057.This section is based on sections 704 C, 704 D and 709 of ICTA.
2058.Subsection (1) requires that three conditions set out in subsections (2) to (4) must be satisfied if section 689 is to apply to a person.
2059.Subsection (2) is concerned with the receipt of consideration. It prescribes what the receipt must be in connection with if section 689 is to apply to the person in question. It is based on sections 704 D(1) and 709(3)(a) and (b) of ICTA.
2060.On the rewrite of section 709(3)(a) and (b) in this context, see the comment on section 686(3).
2061.Subsection (6) is concerned with “consideration”. It is based on section 709(3)(c) of ICTA. It extends “consideration” to include non-contractual receipts of money or money’s worth.