Commonwealth Consolidated Acts

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Calls may be limited to when company is externally-administered

             (1)  A limited company may provide by special resolution that the whole or a part of its unpaid share capital may be called up only if the company becomes a Chapter 5 body corporate.

Note:          This section does not apply to a CCIV: see section 1230L.

             (2)  The company must lodge with ASIC a copy of the special resolution within 14 days after it is passed.

             (3)  An offence based on subsection (2) is an offence of strict liability.

Note:          For strict liability , see section 6.1 of the Criminal Code .

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