Section 254E — Corporations Act 2001: 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: (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.