CCH Note:
Part 13 of the
Corporations Act 1989, inserted
by sec 6 of No 110 of 1990, Sch 1 (effective 1 January 1991), begins as
follows:
PART 13 - THE CORPORATIONS LAW
THE CORPORATIONS LAW
82
The Corporations Law is as follows:...
CHAPTER 2H - SHARES
History
Chapter 2H inserted by No 61 of 1998, Sch 1 (effective 1
July 1998).
PART 2H.2 - REDEMPTION OF REDEEMABLE PREFERENCE SHARES
History
Part 2H.2 inserted by No 61 of 1998, Sch 1 (effective 1
July 1998).
SECTION 254L
CONSEQUENCES OF CONTRAVENING SECTION 254J OR 254K
254L(1)
[Effect of contravention]
If a company redeems shares in contravention of section
254J or
254K:
(a)
the contravention does not affect the validity of the redemption or of any contract or transaction connected with it; and
(b)
the company is not guilty of an offence.
History
S 254L(1) inserted by No 61 of 1998, Sch 1 (effective 1 July 1998).
254L(2)
[Person involved in contravention]
Any person who is involved in a company's contravention of section 254J or 254K contravenes this subsection.
Note 1:
Subsection (2) is a civil penalty provision (see section 1317E).
Note 2:
Section 79 defines
involved
.
History
S 254L(2) (Note 1) amended and (Note 2) inserted by No 156 of 1999, Sch 3, Pt 7 (effective 13 March 2000).
S 254L(2) inserted by No 61 of 1998, Sch 1 (effective 1 July 1998).
254L(3)
[Dishonest involvement]
A person commits an offence if they are involved in a company's contravention of section 254J or 254K and the involvement is dishonest.
History
S 254L(3) inserted by No 156 of 1999, Sch 3, Pt 7 (effective 13 March 2000).
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