Commonwealth Numbered Acts

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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 corporate; or

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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