Corporations Act 2001
CHAPTER 5B
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BODIES CORPORATE REGISTERED AS COMPANIES, AND REGISTRABLE BODIES
PART 5B.1
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REGISTERING A BODY CORPORATE AS A COMPANY
Division 2
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Operation of this Act
SECTION 601BN
601BN
LIABILITY OF MEMBERS ON WINDING UP
A person who stopped being a member of the body before it was registered as a company under this Part is to be treated as a past member of the company in applying Division 2 of Part 5.6 to a winding up of the company. However, the person's liability to contribute to the company's property is further limited by this section to an amount sufficient for the following:
(a) payment of debts and liabilities contracted by the company before the day on which the company was registered under this Part;
(b) payment of the costs, charges and expenses of winding up the company, so far as those costs, charges and expenses relate to those debts and liabilities;
(c) the adjustment of the rights between the contributories, so far as the adjustment relates to those debts and liabilities.
A person who stopped being a member of the body before it was registered as a company under this Part is to be treated as a past member of the company in applying Division 2 of Part 5.6 to a winding up of the company. However, the person's liability to contribute to the company's property is further limited by this section to an amount sufficient for the following:
(a) payment of debts and liabilities contracted by the company before the day on which the company was registered under this Part;
(b) payment of the costs, charges and expenses of winding up the company, so far as those costs, charges and expenses relate to those debts and liabilities;
(c) the adjustment of the rights between the contributories, so far as the adjustment relates to those debts and liabilities.
[ CCH Note: The next section is s 601BP.]
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