CORPORATIONS ACT 2001 - SECT 453M Order for compensation where director involved in void transaction

CORPORATIONS ACT 2001 - SECT 453M

  (1)   Where:

  (a)   a court finds a person guilty of an offence constituted by a contravention of subsection   453L(1); 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.