CORPORATIONS ACT 2001 - SECT 437E Order for compensation where officer involved in void transaction
CORPORATIONS ACT 2001 - SECT 437E
Order for compensation where officer involved in void transaction(a) a court finds a person guilty of an offence constituted by a contravention of subsection 437D(5) (including such an offence that is taken to have been committed because of section 5 of the Crimes Act 1914 ); and
(b) the court is satisfied that the company or another person has suffered loss or damage because of the act or omission constituting the offence;
the court may (whether or not it imposes a penalty) order the first - mentioned person to pay compensation to the company or other person, as the case may be, of such amount as the order specifies.
Note: Section 73A defines when a court is taken to find a person guilty of an offence.
(2) An order under subsection (1) may be enforced as if it were a judgment of the court.
(3) The power of a court under section 1318 to relieve a
person from liability as mentioned in that section extends to relieving a
person from liability to be ordered under this section to pay compensation.