THE CORPORATIONS LAW

CHAPTER 2J - TRANSACTIONS AFFECTING SHARE CAPITAL

PART 2J.2 - SELF-ACQUISITION AND CONTROL OF SHARES

SECTION 259F  CONSEQUENCES OF FAILING TO COMPLY WITH SECTION 259A OR 259B  

259F(1)  [Contravention]  

If a company contravenes section 259A or subsection 259B(1):

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

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

259F(2)  [Person involved]  

Any person who is involved in a company's contravention of section 259A or subsection 259B(1) contravenes this subsection.

Note 1:

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

Note 2:

Section 79 defines involved .

259F(3)  [Dishonest involvement]  

A person commits an offence if they are involved in a company's contravention of section 259A or subsection 259B(1) and the involvement is dishonest.




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