Commonwealth Numbered Acts

CORPORATIONS ACT 1989 No. 109 of 1989 - SECT 124

124. (1) The subscribers to a Division 1 company's memorandum shall be deemed
to have agreed to become members of the company and, on the company's
incorporation:

   (a)  each becomes such a member; and

   (b)  the name of each shall be entered in the company's register of
        members.

(2) A Division 1 company's members are, as such, liable to contribute in
accordance with this Act to the company's property in a winding up of the
company.