Commonwealth Numbered Acts

CORPORATIONS ACT 1989 No. 109 of 1989 - SECT 1042

1042. (1) A director of a corporation who knowingly contravenes a provision of
this Division is, whether or not the director has been convicted of an offence
in respect of the contravention, liable to compensate the corporation and any
person to whom an allotment has been made in contravention of this Division
for any loss, damage or costs that the corporation or the person has suffered
or incurred because of the allotment.

(2) A person is not entitled to begin proceedings for the recovery of any such
compensation after the end of 2 years after the date of the allotment.