Commonwealth Consolidated Acts

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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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