CORPORATIONS ACT 2001

CHAPTER 5B - BODIES CORPORATE REGISTERED AS COMPANIES, AND REGISTRABLE BODIES  

PART 5B.1 - REGISTERING A BODY CORPORATE AS A COMPANY  

Division 2 - Operation of this Act  

SECTION 601BN   601BN   LIABILITY OF MEMBERS ON WINDING UP  
A person who stopped being a member of the body before it was registered as a company under this Part is to be treated as a past member of the company in applying Division 2 of Part 5.6 to a winding up of the company. However, the person's liability to contribute to the company's property is further limited by this section to an amount sufficient for the following:


(a) payment of debts and liabilities contracted by the company before the day on which the company was registered under this Part;


(b) payment of the costs, charges and expenses of winding up the company, so far as those costs, charges and expenses relate to those debts and liabilities;


(c) the adjustment of the rights between the contributories, so far as the adjustment relates to those debts and liabilities.


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