| Commentary

65 Civil consequences of contravention

| Commentary

65 Civil consequences of contravention

Where a company enters into a transaction or arrangement and the necessary shareholder approval is not obtained, it may, if it thinks fit, avoid the transaction or arrangement unless1:

  1. 65.1

        it is no longer possible to restore any money or other asset that was the subject matter of the arrangement or transaction;

  2. 65.2

        the company has been indemnified in pursuance of this section by any other persons for the loss or damage suffered by it; or

  3. 65.3

        the avoidance would affect rights acquired in good faith, for value and without actual notice of the contravention

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