THE CORPORATIONS LAW

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 2J - TRANSACTIONS AFFECTING SHARE CAPITAL

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History

Chapter 2J inserted by No 61 of 1998, Sch 1 (effective 1 July 1998).

PART 2J.3 - FINANCIAL ASSISTANCE

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Part 2J.3 inserted by No 61 of 1998, Sch 1 (effective 1 July 1998).

SECTION 260D   CONSEQUENCES OF FAILING TO COMPLY WITH SECTION 260A  

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260D(1)  [No effect on validity]  

If a company provides financial assistance in contravention of section 260A:

(a)  the contravention does not affect the validity of the financial assistance or of any contract or transaction connected with it; and

(b)  the company is not guilty of an offence.

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S 260D(1) inserted by No 61 of 1998, Sch 1 (effective 1 July 1998).

260D(2)  [Civil penalty]  

Any person who is involved in a company's contravention of section 260A contravenes this subsection.

Note 1:

Subsection (2) is a civil penalty provision (see section 1317E).

Note 2:

Section 79 defines involved .

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S 260D(2) (Note 1) amended and (Note 2) inserted by No 156 of 1999, Sch 3, Pt 7 (effective 13 March 2000).

S 260D(2) inserted by No 61 of 1998, Sch 1 (effective 1 July 1998).

260D(3)  [Dishonest involvement]  

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A person commits an offence if they are involved in a company's contravention of section 260A and the involvement is dishonest.

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S 260D(3) inserted by No 156 of 1999, Sch 3, Pt 7 (effective 13 March 2000).

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