CORPORATIONS ACT 2001
The following types of companies can be registered under this Act:
|Proprietary companies||Limited by shares|
|Unlimited with share capital|
|Public companies||Limited by shares|
|Limited by guarantee|
|Unlimited with share capital|
|No liability company|
Note: Other types of companies that were previously allowed continue to exist under the Part 10.1 transitionals.112(2) No liability companies.
(a) the company has a share capital; and
(b) the company's constitution states that its sole objects are mining purposes; and
(c) the company has no contractual right under its constitution to recover calls made on its shares from a shareholder who fails to pay them.
Note 1: Section 9 defines mining purposes and minerals .
Note 2: Special provisions on no liability companies are found in the provisions referred to in the following table:
|No liability company provisions|
|1||names||148 , 156 , 162|
|2||terms of issue of shares||254B|
|3||liability on partly-paid shares||254M|
|4||calls||254P - 254R|
|5||winding up||477 - 478 , 483 , 514|
|6||registering a body as a company||601BA|
|7||transitional||the Part 10.1 transitionals|
A no liability company must not engage in activities that are outside its mining purposes objects.112(4) [ Letting or contract]
(a) let the whole or proportion of a mine or claim on tribute; or
(b) make any contract for working any land on tribute;
(c) the letting or contract is approved by a special resolution; or
(d) no such letting or contract has been made within the period of 2 years immediately preceding the proposed letting or contract. 112(5) [ Effect of contravention]
An act or transaction is not invalid merely because of a contravention of subsection (3) or (4).
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