related party transactions, page-3

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Our Corporations Act - parents and children, not siblings?

CORPORATIONS ACT 2001 - SECT 228
Related parties
Controlling entities

(1) An entity that controls a public company is a related party of the public company.

Directors and their spouses

(2) The following persons are related parties of a public company:

(a) directors of the public company;

(b) directors (if any) of an entity that controls the public company;

(c) if the public company is controlled by an entity that is not a body corporate--each of the persons making up the controlling entity;

(d) spouses of the persons referred to in paragraphs (a), (b) and (c).

Relatives of directors and spouses

(3) The following relatives of persons referred to in subsection (2) are related parties of the public company:

(a) parents;

(b) children.