Section 254L — Corporations Act 2001: Consequences of contravening section 254J or 254K

(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.