THE CORPORATIONS LAW

CHAPTER 2H - SHARES

PART 2H.3 - PARTLY-PAID SHARES

SECTION 254N   CALLS MAY BE LIMITED TO WHEN COMPANY IS EXTERNALLY-ADMINISTERED  

254N(1)  [Calls may be limited]  

A limited company may provide by special resolution that the whole or a part of its unpaid share capital may be called up only if the company becomes an externally-administered body corporate.

254N(2)  [Lodgment with ASIC]  

The company must lodge with ASIC a copy of the special resolution within 14 days after it is passed.