Commonwealth Consolidated Acts

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CORPORATIONS ACT 2001 - SECT 1234F

Consequences of non-compliant application of assets

             (1)  If money or property of a CCIV is applied or dealt with in contravention of section 1234, 1234A, 1234C or 1234D, the contravention does not affect the validity of any contract or transaction connected with the application or dealing.

Note:          A Court may order an injunction to stop the CCIV applying or dealing with the asset (see section 1324).

             (2)  A CCIV contravenes this subsection if:

                     (a)  the CCIV applies or deals with money or property of the CCIV; and

                     (b)  the application or dealing contravenes section 1234, 1234A, 1234C or 1234D.

Fault-based offence

             (3)  A person commits an offence if the person contravenes subsection (2).

Strict liability offence

             (4)  A person commits an offence of strict liability if the person contravenes subsection (2).



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