Corporations Act 2001
CHAPTER 5
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EXTERNAL ADMINISTRATION
PART 5.6
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WINDING UP GENERALLY
Division 2
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Contributories
SECTION 524
524
PAST MEMBER OF FORMER LIMITED COMPANY
If a limited company changes to an unlimited company under section 164, a person who, at the time when the company applied for the change, was a past member and did not again become a member after that time need not contribute more than they would have been liable to contribute if the company had not changed type.
Note: This Part applies to a sub-fund of a CCIV in a modified form: see Division 5 of Part 8B.6 .
View history note
Hide history noteIf a limited company changes to an unlimited company under section 164, a person who, at the time when the company applied for the change, was a past member and did not again become a member after that time need not contribute more than they would have been liable to contribute if the company had not changed type.
[ CCH Note: There is no section 525.]
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