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CORPORATIONS ACT 2001

CHAPTER 5 - EXTERNAL ADMINISTRATION  

PART 5.6 - WINDING UP GENERALLY  

Division 2 - Contributories  

SECTION 523  

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:


(a) despite section 521; and


(b) 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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