Corporations Act 2001

CHAPTER 6D - FUNDRAISING

PART 6D.3 - PROHIBITIONS, LIABILITIES AND REMEDIES (OTHER THAN FOR CSF OFFERS)

Division 2 - Remedies

CCH Note: Division 2 is modified by the ASIC Corporations (Investor Directed Portfolio Services Provided Through a Registered Managed Investment Scheme) Instrument 2023/668; and the ASIC Corporations (Investor Directed Portfolio Services) Instrument 2023/669.

SECTION 737 REMEDIES FOR INVESTORS

CCH Note: Section 737 is modified by the ASIC Corporations (Investor Directed Portfolio Services Provided Through a Registered Managed Investment Scheme) Instrument 2023/668; and the ASIC Corporations (Investor Directed Portfolio Services) Instrument 2023/669.

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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