THE CORPORATIONS LAW

CHAPTER 6C - INFORMATION ABOUT OWNERSHIP OF LISTED COMPANIES AND MANAGED INVESTMENT SCHEMES

PART 6C.1 - SUBSTANTIAL HOLDING INFORMATION

SECTION 671C   CIVIL LIABILITY  

671C(1)  [Liability for compensation]  

A person who contravenes section 671B is liable to compensate a person for any loss or damage the person suffers because of the contravention.

671C(2)  [Defence]  

It is a defence in proceedings brought under this section if the person who contravenes section 671B proves that they contravened that section:

(a)  because of inadvertence or mistake; or

(b)  because they were not aware of a relevant fact or occurrence.

In determining whether the defence is available, disregard the person's ignorance of, or a mistake on the person's part concerning, a matter of law.

671C(3)  [Joint and individual liability]  

If 2 or more persons each contravene section 671B because of the same act or omission, their liability under this section for the contravention is joint and individual.