CORPORATIONS ACT 2001
If shares in a company are partly-paid, the shareholder is liable to pay calls on the shares in accordance with the terms on which the shares are on issue. This subsection does not apply to a no liability company.
Note: The shareholder may also be liable as a contributory under sections 514 - 529 if the company is wound up.254M(2) No liability companies.
(a) calls in respect of the share; or
(b) any contribution to the debts and liabilities of the company.