SECTION 112 TYPES OF COMPANIES
112(1) Types of companies.
Note: Other types of companies that were previously allowed continue to exist under the Part 10.1 transitionals.
112(2) No liability companies.
(a) the company has a share capital; 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:
S 112(2) (Note 2) amended by No 5 of 2011, s 3, Sch 1 (effective 22 March 2011).
112(3) [Mining purposes objects]
112(4) [Letting or contract]
(a) let the whole or proportion of a mine or claim on tribute; or
(b) make any contract for working any land on tribute;
(c) the letting or contract is approved by a special resolution; or
(d) no such letting or contract has been made within the period of 2 years immediately preceding the proposed letting or contract.
112(5) [Effect of contravention]