CORPORATIONS ACT 2001

SCHEDULE 4 - TRANSFER OF FINANCIAL INSTITUTIONS AND FRIENDLY SOCIETIES  

Note: See section 1465A.

PART 2 - FINANCIAL INSTITUTIONS THAT BECAME COMPANIES  

Division 2 - Membership  

CLAUSE 16   - LIABILITY OF MEMBERS ON WINDING UP  

16(1)  
If a transferring financial institution of a State or Territory that was registered under clause 3 of the transfer provisions is wound up, each person:


(a) who was a past member of the institution at the time it became registered; and


(b) who did not again become a member; and


(c) who had not held shares in the institution;

is not liable under Division 2 of Part 5.6 on the winding up.

Note: A person who was a past member at the time of registration and who held shares in the institution may be liable as a past member under Division 2 of Part 5.6.

16(2)  
If a company that is registered under clause 3 of the transfer provisions is wound up, a person who is taken to have given a guarantee by subclause 13(1) or 14(1) of the transfer provisions, or clause 13 or 14 of this Schedule, is not liable under:


(a) section 515 merely because the person is or was a member who is taken to have given a guarantee; or


(b) section 517 or paragraph 518(b) merely because the person is taken to have given a guarantee.


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