Corporations Act 2001
View history note
Hide history noteCCH note - modifying legislative instruments: The application of Pt 8B.4 is affected by the following legislative instruments that commenced or were amended on or after 1 January 2022: the ASIC Corporations (CCIV Auditors) Instrument 2024/668.
For other legislative instruments or class orders before 1 January 2022 that affect the application of Pt 8B.4, please consult the legislative instruments or class orders directly. These are reproduced in the regulatory-resources section of the company-law practice area in CCH iKnowConnect.
A 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 .
Disclaimer and notice of copyright applicable to materials provided by CCH Australia Limited
CCH Australia Limited ("CCH") believes that all information which it has provided in this site is accurate and reliable, but gives no warranty of accuracy or reliability of such information to the reader or any third party. The information provided by CCH is not legal or professional advice. To the extent permitted by law, no responsibility for damages or loss arising in any way out of or in connection with or incidental to any errors or omissions in any information provided is accepted by CCH or by persons involved in the preparation and provision of the information, whether arising from negligence or otherwise, from the use of or results obtained from information supplied by CCH.
The information provided by CCH includes history notes and other value-added features which are subject to CCH copyright. No CCH material may be copied, reproduced, republished, uploaded, posted, transmitted, or distributed in any way, except that you may download one copy for your personal use only, provided you keep intact all copyright and other proprietary notices. In particular, the reproduction of any part of the information for sale or incorporation in any product intended for sale is prohibited without CCH's prior consent.
