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CORPORATIONS ACT 2001 - SECT 256D
Consequences of failing to comply with
(1) The company must not make the reduction unless it
complies with subsection 256B(1).
(2) If the company contravenes subsection (1):
- the contravention
does not affect the validity of the reduction or of any contract or
transaction connected with it; and
- the company is not guilty of an offence.
(3) Any person who is involved in a company's contravention of
subsection (1) contravenes this subsection.
- Note 1: Subsection (3)
is a civil penalty provision (see section 1317E).
Note 2: Section 79 defines involved .
(4) A person commits an offence if they are involved in a company's
contravention of section 256B and the involvement is dishonest.
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