THE CORPORATIONS LAW

CHAPTER 9 - MISCELLANEOUS

PART 9.7 - UNCLAIMED PROPERTY

SECTION 1340   COMMISSION NOT LIABLE TO PAY CALLS ON SHARES ETC.  

1340    Where unclaimed property is or includes shares in a body corporate, the Commission is not subject to any obligation:

(a)  to pay any calls;

(b)  to make any contribution to the debts and liabilities of the body corporate;

(c)  to discharge any other liability; or

(d)  to do any other act or thing;

in respect of the shares, whether the obligation arises before or after the shares become unclaimed property, but this section does not affect the right of a body corporate to forfeit a share.