s 254E
In forceCourt validation of issue
Volume 1Chapter 1, Part 1.1 to Chapter 2J, Part 2J.4 sections 1 to 260E
Chapter 2HShares
Part 2H.1Issuing and converting shares
254E Court validation of issue
(1)
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 Act; or
(ii)
another law of a State or Territory; or
(iii)
the company’s constitution (if any).
(2)
On lodgment of a copy of the order with ASIC, the order has effect from the time of the purported issue.
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