Commonwealth Consolidated Acts

CORPORATIONS ACT 2001 - SECT 254L

             (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.