Company Law Review Act 1998 (61 of 1998)

Schedule 2   Consequential amendment of the Corporations Law

Part 1   Registering a company (new Chapter 2A) Basic features of a company (new Chapter 2B) Members' rights and remedies (new Chapter 2F)

135   Section 524

Repeal the section, substitute:

524 Past member of former limited company

If a limited company changes to an unlimited company under section 164, a person who, at the time when the company applied for the change, was a past member and did not again become a member after that time need not contribute more than they would have been liable to contribute if the company had not changed type.