Commonwealth Consolidated Acts

CORPORATIONS ACT 2001 - SECT 1317H

Compensation for damage suffered

  (1)   A Court may order a person to compensate a corporation, registered scheme or notified foreign passport fund for damage suffered by the corporation, scheme or fund if:

  (a)   the person has contravened a corporation/scheme civil penalty provision in relation to the corporation, scheme or fund; and

  (b)   the damage resulted from the contravention.

The order must specify the amount of the compensation.

Note:   An order may be made under this subsection whether or not a declaration of contravention has been made under section   1317E.

Damage includes profits

  (2)   In determining the damage suffered by the corporation, scheme or fund for the purposes of making a compensation order, include profits made by any person resulting from the contravention or the offence.

Damage includes diminution of value of scheme or fund property

  (3)   In determining the damage suffered by the scheme or fund for the purposes of making a compensation order, include any diminution in the value of the property of the scheme or fund.

  (4)   If the responsible entity for a registered scheme is ordered to compensate the scheme, the responsible entity must transfer the amount of the compensation to scheme property. If anyone else is ordered to compensate the scheme, the responsible entity may recover the compensation on behalf of the scheme.

  (4A)   If the operator of a notified foreign passport fund is ordered to compensate the fund, the operator must transfer the amount of the compensation to the fund property. If anyone else is ordered to compensate the fund, the operator may recover the compensation on behalf of the fund.

Recovery of damage

  (5)   A compensation order may be enforced as if it were a judgment of the Court.