Types of companies

(1) The following types of companies can be registered under this Act:

Note: Other types of companies that were previously allowed continue to exist under the Part 10.1 transitionals.

No liability companies

(2) A company may be registered as a no liability company only if:

(a)

the company has a share capital; and

(b)

the company's constitution states that its sole objects are mining purposes; and

(c)

the company has no contractual right under its constitution to recover calls made on its shares from a shareholder who fails to pay them.

Note 1: Section 9 defines mining purposes and minerals .

Note 2: Special provisions on no liability companies are found in the provisions referred to in the following table:

(3) A no liability company must not engage in activities that are outside its mining purposes objects. (4) The directors of a no liability company must not:

(a)

let the whole or proportion of a mine or claim on tribute; or

(b)

make any contract for working any land on tribute;