12.8.06A
CurrentMember shares—liability to pay calls
Chapter 12Financial sector reform
Part 12.8Shares in certain bodies corporate
Division 2Member shares
12.8.06A Member shares—liability to pay calls
(1)
For clause 38 of Schedule 4 to the Act, the operation of subsection 254M(1) of the Act is modified in accordance with this regulation.
(2)
If a member share in the body corporate is partly‑paid, the shareholder is not liable to pay a call on the share, or on a winding up of the body corporate, without the consent of the shareholder, to the extent that the unpaid amount is increased as a result of the conversion of the share in accordance with regulation 12.2.04.
This Act’s bill:Explanatory statement
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