Commonwealth Consolidated Acts

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CORPORATIONS ACT 2001 - SECT 112

Types of companies

Types of companies

  (1)   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

Corporate collective investment vehicles

Limited by shares

Note 1:   Other types of companies that were previously allowed continue to exist under the Part   10.1 transitionals.

Note 2:   For corporate collective investment vehicles, see Chapter   8B.

No liability companies

  (2)   A company may be registered as a no liability company only if:

  (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

item

topic

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

  (3)   A no liability company must not engage in activities that are outside its mining purposes objects.

  (4)   The directors of a no liability company must not:

  (a)   let the whole or proportion of a mine or claim on tribute; or

  (b)   make any contract for working any land on tribute;

unless:

  (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.

  (5)   An act or transaction is not invalid merely because of a contravention of subsection   (3) or (4).



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