Western Australian Consolidated Acts Western Australian Consolidated Acts (1) An allotment made
by a company to an applicant in contravention of the last 2 preceding sections
shall be voidable at the instance of the applicant within one month after the
holding of the statutory meeting of the company, or, if the company is not
required to hold a statutory meeting or the allotment is made after the
holding of the statutory meeting within 3 months after the date of allotment
and not later, and shall be so voidable notwithstanding that the company is in
course of being wound up.
(2) If any director of
a company knowingly contravenes, or permits or authorises the contravention
of, any of the provisions of sections 53 and 54 he shall be liable to
compensate the company and the allottee respectively for any loss, damage, or
costs which the company or the allottee may have sustained or incurred
thereby:
Provided that
proceedings to recover any such loss, damages, or costs shall not be commenced
after the expiration of 2 years from the date of the allotment.