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CORPORATIONS ACT 2001 - SECT 254L Consequences of contravening section 254J or 254K

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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