Commonwealth Numbered 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:

the issue is or may be invalid for any reason; or

the terms of the issue are inconsistent with or not authorised by:

this Act; or
another law of a State or Territory; or
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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