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CORPORATIONS ACT 1989 No. 109 of 1989 - SECT 397
Rights attaching to preference shares issued to promoters
397. (1) Notwithstanding the constitution of a no liability company, the
holders of any shares issued to vendors or promotors are not entitled to any
preference on the winding up of the company.
(2) In subsection (1), "no liability company" includes a company that, having
been incorporated as a no liability company, changes its status under
section 167.
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