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CORPORATIONS ACT 2001

CHAPTER 2H - SHARES  

PART 2H.3 - PARTLY-PAID SHARES  

SECTION 254N  CALLS MAY BE LIMITED TO WHEN COMPANY IS EXTERNALLY-ADMINISTERED  

254N(1)  

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A limited company may provide by special resolution that the whole or a part of its unpaid share capital may be called up only if the company becomes a Chapter 5 body corporate.

254N(2)  

The company must lodge with ASIC a copy of the special resolution within 14 days after it is passed.

254N(3)  

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An offence based on subsection (2) is an offence of strict liability.

Note: For strict liability, see section 6.1 of the Criminal Code.

[CCH Note: The next section is s 254P.]


 



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