Commonwealth Numbered Acts

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Consequences of failing to comply with section 256B

(1) The company must not make the reduction unless it complies with subsection 256B(1). (2) If the company contravenes subsection (1):

the contravention does not affect the validity of the reduction or of any contract or transaction connected with it; and

the company is not guilty of an offence.

(3) Any person who is involved in a company's contravention of subsection (1) contravenes this subsection.

Note 1: Subsection (3) is a civil penalty provision (see section 1317E).

Note 2: Section 79 defines involved .

(4) A person commits an offence if they are involved in a company's contravention of section 256B and the involvement is dishonest.

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