CORPORATIONS ACT 2001
Note: See section 1465A.
[CCH Note: The reference to "section 1465A" is a reference to the former Corporations Law.]
|PART 2 - FINANCIAL INSTITUTIONS THAT BECAME COMPANIES
CLAUSE 16 - LIABILITY OF MEMBERS ON WINDING UP
If a transferring financial institution of a State or Territory that was registered under clause 3 of the transfer provisions is wound up, each person:
(a) who was a past member of the institution at the time it became registered; and
(b) who did not again become a member; and
(c) who had not held shares in the institution;
is not liable under Division 2 of Part 5.6 on the winding up.
Note: A person who was a past member at the time of registration and who held shares in the institution may be liable as a past member under Division 2 of Part 5.6.
If a company that is registered under clause 3 of the transfer provisions is wound up, a person who is taken to have given a guarantee by subclause 13(1) or 14(1) of the transfer provisions, or clause 13 or 14 of this Schedule, is not liable under:
(a) section 515 merely because the person is or was a member who is taken to have given a guarantee; or
(b) section 517 or paragraph 518(b) merely because the person is taken to have given a guarantee.