Commonwealth Numbered Acts

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CORPORATIONS ACT 2001 - SECT 254P

No liability companies—calls on shares

Making calls

(1) A call on a share in a no liability company is not effective unless it is made payable at least 14 days after the call is made.

Notice of call

(2) At least 7 days before a call on shares in a no liability company becomes payable, the company must give the holders of the shares notice of:

(a)
the amount of the call; and

(b)
the day when it is payable; and

(c)
the place for payment.

The notice must be sent by post. If the notice is not given, the call is not payable.

(3) A call does not have any effect on a forfeited share that is held by or in trust for the company under subsection 254Q(6). However, when the share is re-issued or sold by the company, the share may be credited as paid up to the amount determined by the company in accordance with its constitution or by resolution.


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