Corporations Act 2001
The company must not make the reduction unless it complies with subsection 256B(1) . 256D(2)
If the company 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 company is not guilty of an offence. 256D(3)
Any person who is involved in a company ' s contravention of subsection (1) contravenes this subsection.
Note 1: Subsection (3) is a civil penalty provision (see section 1317E ).
Note 2: Section 79 defines involved .256D(4)
A person commits an offence if they are involved in a company ' s contravention of subsection (1) and the involvement is dishonest.
[ CCH Note: Act No 180 of 2012, s 3, Sch 7 contained the following application provision (which was effective 11 December 2012):
Application of amendments made by this Act
The amendments made by this Act apply in relation to an act or omission by a body corporate occurring on or after the day this Act commences.