Corporations Act 2001

CHAPTER 5 - EXTERNAL ADMINISTRATION  

PART 5.6 - WINDING UP GENERALLY  

Note: This Part applies to a sub-fund of a CCIV in a modified form: see Division 5 of Part 8B.6 .

Division 2 - Contributories  

SECTION 523  

523   PAST MEMBER OF FORMER UNLIMITED COMPANY  
If an unlimited company changes to a limited company under section 164, a past member who was a member at the time of the change is liable:

(a) despite section 521; and

(b) if no person who was a member at that time is a member at the commencement of the winding up - despite section 522;

to contribute in respect of the company's debts and liabilities contracted before that time.