The Court declared under s 1322(4)(a) of the Corporations Act that the offer for sale and sale of shares issued without a valid cleansing prospectus (due to the company secretary's inadvertent failure to recall that the cleansing notice regime was unavailable following a prolonged trading suspension) were not invalid, and relieved the seller from civil liability under s 1322(4)(c). The Court was satisfied the contravention was procedural, honest and inadvertent, that no substantial injustice would result, and that the company had acted promptly once the error was identified.
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