Corporations Act 2001

CHAPTER 2H - SHARES  

PART 2H.3 - PARTLY-PAID SHARES  

SECTION 254N   CALLS MAY BE LIMITED TO WHEN COMPANY IS EXTERNALLY-ADMINISTERED  

254N(1)    

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A limited company may provide by special resolution that the whole or a part of its unpaid share capital may be called up only if the company becomes a Chapter 5 body corporate.

Note: This section does not apply to a CCIV: see section 1230L .

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History

S 254N(1) amended by No 8 of 2022, s 3, Sch 2[97] (effective 1 July 2022).

S 254N(1) amended by No 11 of 2016, s 3, Sch 2[87].

254N(2)    
The company must lodge with ASIC a copy of the special resolution within 14 days after it is passed.

[ CCH Note: S 254N(2) will be amended by No 69 of 2020, s 3, Sch 1[565], by substituting " the Registrar " for " ASIC " , (effective 1 July 2026 or a day or days to be fixed by Proclamation).]

254N(3)    

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An offence based on subsection (2) is an offence of strict liability.

Note: For strict liability , see section 6.1 of the Criminal Code .

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History

S 254N(3) inserted by No 117 of 2001, s 3, Sch 1 [ 81].

[ CCH Note: The next section is s 254P.]

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