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CORPORATIONS REGULATIONS 2001 2001 No. 193 - REG 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.
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