(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.