Corporations Act 2001
View history note
Hide history noteA CCIV must not make a reduction in share capital if the reduction: (a) does not comply with subsection 1231A(1) ; and (b) is not otherwise authorised by law.
1231B(2)
If a CCIV contravenes subsection (1) : (a) the contravention does not affect the validity of the reduction or of any contract or transaction connected with it; and (b) the CCIV does not commit an offence.
Fault-based offence
1231B(3)
A person commits an offence if the person is involved in a CCIV ' s contravention of subsection (1) and the involvement is dishonest.
Civil liability
1231B(4)
A person who is involved in a CCIV ' s contravention of subsection (1) contravenes this subsection.
Note 1: This subsection is a civil penalty provision (see section 1317E ).
Note 2: Section 79 defines involved .
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