Corporations Act 2001

CHAPTER 9 - MISCELLANEOUS  

PART 9.7 - UNCLAIMED PROPERTY  

SECTION 1340  

1340   NO LIABILITY TO PAY CALLS ON SHARES ETC.  

Where unclaimed property is or includes shares in a body corporate, neither the Commonwealth nor ASIC is subject to any obligation:

(a) to pay any calls; or

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

(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.