Corporations Act 2001
If shares in a company are partly-paid, the shareholder is liable to pay calls on the shares in accordance with the terms on which the shares are on issue. This subsection does not apply to a no liability company.
Note: The shareholder may also be liable as a contributory under sections 514 - 529 if the company is wound up.
254M(2) No liability companies.The acceptance by a person of a share in a no liability company, whether by issue or transfer, does not constitute a contract by the person to pay:
(a) calls in respect of the share; or
(b) any contribution to the debts and liabilities of the company.
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