38Validation

38 Validation

(1) Subject to this section, a transaction or proceeding is not invalidated by reason only that it has been entered into or taken in contravention of this Part, but nothing in this section affects the liability of any person to a penalty in respect of any such contravention. (2) The appropriate court may, on the application of the Attorney‑General or of any person interested, make an order invalidating a transaction or proceeding entered into or taken in contravention of this Part, but the court shall not make such an order if the court is satisfied that the effect of the order (if made) would be to prejudice the rights of a person in respect of, or arising out of, the transaction or proceeding, being rights that are acquired in good faith and without notice of the contravention. (3) In this section, the appropriate court means the Supreme Court of the State or Territory in which the transaction or proceeding was entered into or taken.