CCH Note:
Part 13 of the
Corporations Act 1989, inserted
by sec 6 of No 110 of 1990, Sch 1 (effective 1 January 1991), begins as
follows:
PART 13 - THE CORPORATIONS LAW
THE CORPORATIONS LAW
82
The Corporations Law is as follows:...
CHAPTER 2H - SHARES
History
Chapter 2H inserted by No 61 of 1998, Sch 1 (effective 1
July 1998).
PART 2H.3 - PARTLY-PAID SHARES
History
Part 2H.3 inserted by No 61 of 1998, Sch 1 (effective 1
July 1998).
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;
(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.
History
S 254P inserted by No 61 of 1998, Sch 1 (effective 1 July 1998).
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