Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) If a company redeems shares in contravention of section 254J or 254K:
(a) the contravention does not affect the validity of the redemption or of any contract or transaction connected with it; and
(b) the company is not guilty of an offence.
(2) Any person who is involved in a company's contravention of section 254J or 254K 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 254J or 254K and the involvement is dishonest.