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 6D - FUNDRAISING

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History

Chapter 6D inserted by No 156 of 1999, Sch 1 (effective 13 March 2000).

PART 6D.3 - PROHIBITIONS, LIABILITIES AND REMEDIES

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History

Part 6D.3 inserted by No 156 of 1999, Sch 1 (effective 13 March 2000).

Division 2 - Remedies

SECTION 737   REMEDIES FOR INVESTORS  

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737(1)  Right to withdraw and have money returned.  

If securities are issued to a person in contravention of section 724 (situation calling for a supplementary or replacement document), the person has the right to return the securities and to have their application money repaid. This is so even if the company that issued the securities is being wound up.

737(2)  [Need for written notice]  

A right referred to in subsection (1) is exercisable by written notice given to the company within 1 month after the date of the issue.

737(3)  [Personal liability]  

If the body or the seller does not repay the money as required by subsection (1), the directors of the body or seller are personally liable to repay the money.

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History

S 737 substituted by No 156 of 1999, Sch 1 (effective 13 March 2000).

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