Commonwealth Numbered Acts

CORPORATIONS ACT 1989 No. 109 of 1989 - SECT 151

151. (1) Subsection 175 (1) does not apply in relation to a Division 2 or 3
company unless its members, by special resolution, resolve that the subsection
should apply to the company.

(2) Section 244 does not apply in relation to a Division 2, 3 or 4 company.

(3) Section 245 applies in relation to a Division 2, 3 or 4 company as if:

   (a)  subsection 245 (2) were omitted; and

   (b)  there were omitted from paragraph 245 (5) (a) "or the period of 18
        months referred to in subsection (2)".

(4) Section 290 applies in relation to a Division 2 or 3 company in relation
to the bodies corporate that were its subsidiaries at the start of its
registration day and, despite subsection 290 (2), subsection 290 (1) shall be
complied with in relation to those bodies corporate within 12 months after
that day.

(5) Division 2 of Part 5.6 applies in relation to a Division 3 or 4 company as
if a reference in that Division to a past member of the company included a
reference to a person who had been a member of the company but had ceased to
be such a member before the company's registration day, but such a person is
liable to contribute to the company's property only to an amount sufficient
for:

   (a)  payment of debts and liabilities contracted by the company before that
        day;

   (b)  payment of the costs, charges and expenses of winding up the company,
        in so far as those costs, charges and expenses relate to the debts and
        liabilities referred to in paragraph (a); and

   (c)  the adjustment of the rights of the contributories among themselves,
        in so far as the adjustment relates to the debts and liabilities
        referred to in paragraph (a).

(6) The regulations may make modifications of this Act (other than this Part)
as it applies in relation to a Division 3 or 4 company.