(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.