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CORPORATIONS ACT 2001 No. 50, 2001 - SECT 1340
ASIC not liable to pay calls on shares etc.
Where unclaimed property is or includes shares in a body corporate, ASIC is
not subject to any obligation:
- to pay any calls; or
- to make any contribution to the debts and liabilities of the body
- to discharge any other liability; or
- to do any other act or thing;
in respect of the shares, whether the obligation arises before or after the
shares become unclaimed property, but this section does not affect the right
of a body corporate to forfeit a share.
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