Commonwealth Numbered Acts

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CORPORATIONS ACT 2001 No. 50, 2001 - SECT 523

Past member of former unlimited company

If an unlimited company changes to a limited company under section 164, a past member who was a member at the time of the change is liable:

despite section 521; and

if no person who was a member at that time is a member at the commencement of the winding up—despite section 522;

to contribute in respect of the company's debts and liabilities contracted before that time.

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