Commonwealth Numbered Acts

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CORPORATIONS ACT 2001 - SECT 254L

Consequences of contravening section 254J or 254K

(1) If a company redeems shares in contravention of section 254J or 254K:

(a)
the contravention does not affect the validity of the redemption or of any contract or transaction connected with it; and

(b)
the company is not guilty of an offence.

(2) Any person who is involved in a company's contravention of section 254J or 254K contravenes this subsection.

Note 1: Subsection (2) is a civil penalty provision (see section 1317E).

Note 2: Section 79 defines involved .

(3) A person commits an offence if they are involved in a company's contravention of section 254J or 254K and the involvement is dishonest.



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