Commonwealth Repealed Acts

This legislation has been repealed.

CORPORATIONS LAW
- SECT 737

Right to withdraw and have money returned

(1)

If securities are issued to a person in contravention of section 724 (situation calling for a supplementary or replacement document), the person has the right to return the securities and to have their application money repaid. This is so even if the company that issued the securities is being wound up.

(2)

A right referred to in subsection (1) is exercisable by written notice given to the company within 1 month after the date of the issue.

(3)

If the body or the seller does not repay the money as required by subsection (1), the directors of the body or seller are personally liable to repay the money.