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 2H - SHARES
History
Chapter 2H inserted by No 61 of 1998, Sch 1 (effective 1
July 1998).
PART 2H.1 - ISSUING AND CONVERTING SHARES
History
Part 2H.1 inserted by No 61 of 1998, Sch 1 (effective 1
July 1998).
SECTION 254E
COURT VALIDATION OF ISSUE
254E(1)
[Court may make order]
On application by a company, a shareholder, a creditor or any other person whose interests have been or may be affected, the Court may make an order validating, or confirming the terms of, a purported issue of shares if:
(a)
the issue is or may be invalid for any reason; or
(b)
the terms of the issue are inconsistent with or not authorised by:
(i) this Law; or
(ii) another law of this jurisdiction; or
(iii) the company's constitution (if any).
History
S 254E(1) inserted by No 61 of 1998, Sch 1 (effective 1 July 1998).
254E(2)
[Lodgment with ASIC]
On lodgment of a copy of the order with ASIC, the order has effect from the time of the purported issue.
History
S 254E(2) amended by No 54 of 1998, Sch 5 (effective 1 July 1998).
S 254E(2) inserted by No 61 of 1998, Sch 1 (effective 1 July 1998).
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