Corporations Act 2001

CHAPTER 2H - SHARES  

PART 2H.3 - PARTLY-PAID SHARES  

SECTION 254P   NO LIABILITY COMPANIES - CALLS ON SHARES  
Making calls

254P(1)    
A call on a share in a no liability company is not effective unless it is made payable at least 14 days after the call is made.

Notice of call

254P(2)    

At least 7 days before a call on shares in a no liability company becomes payable, the company must give the holders of the shares notice of:

(a)    the amount of the call; and

(b)    the day when it is payable; and

(c)    

details for making the payment.

If the notice is not given, the call is not payable.

254P(3)    
A call does not have any effect on a forfeited share that is held by or in trust for the company under subsection 254Q(6) . However, when the share is re-issued or sold by the company, the share may be credited as paid up to the amount determined by the company in accordance with its constitution or by resolution.