CORPORATIONS ACT 2001 - SECT 260D Consequences of failing to comply with section 260A

CORPORATIONS ACT 2001 - SECT 260D

  (1)   If a company provides financial assistance in contravention of section   260A:

  (a)   the contravention does not affect the validity of the financial assistance 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   260A 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   260A and the involvement is dishonest.