Section 453M — Corporations Act 2001: Order for compensation where director involved in void transaction

(1) Where: (a) a court finds a person guilty of an offence constituted by a contravention of subsection 453L(1); and (b) the court is satisfied that the company or another person has suffered loss or damage because of the act or omission constituting the offence; the court may (whether or not it imposes a penalty) order the first-mentioned person to pay compensation to the company or other person, as the case may be, of such amount as the order specifies. Note: Section 73A defines when a court is taken to find a person guilty of an offence. (2) An order under subsection (1) may be enforced as if it were a judgment of the court. (3) The power of a court under section 1318 to relieve a person from liability as mentioned in that section extends to relieving a person from liability to be ordered under this section to pay compensation.