Section 1070A(1)(a) of the Corporations Act 2001 (Cth) declares that an interest of a member in a company — including a company limited by guarantee — is personal property. The provision should be given its literal meaning and not read down as applying only to interests that are already proprietary in character. Membership interests in a company limited by guarantee are therefore capable of being held on trust, even where those interests are not assignable, have no commercial value, and are personal in nature.
The full text is available to signed-in members, including the 4 later cases that cite this judgment.
1 of the 4 citing cases carry a classified treatment. How each court treated it is available to signed-in members.