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CORPORATIONS ACT 2001

CHAPTER 2H - SHARES  

PART 2H.3 - PARTLY-PAID SHARES  

SECTION 254P  NO LIABILITY COMPANIES - CALLS ON SHARES  

254P(1)  Making calls.  


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.

254P(2)  Notice of call.  


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.

254P(3)  [Forfeited shares]  


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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