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CORPORATIONS ACT 2001 - SECT 260D
Consequences of failing to comply with
(1) If a company provides financial assistance in
contravention of section 260A:
- the contravention does not affect
the validity of the financial assistance or of any contract or transaction
connected with it; and
- the company is not guilty of an offence.
(2) Any person who is involved in a company's contravention of
section 260A contravenes this subsection.
- Note 1: Subsection (2)
is a civil penalty provision (see section 1317E).
Note 2: Section 79 defines involved .
(3) A person commits an offence if they are involved in a company's
contravention of section 260A and the involvement is dishonest.
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