Corporations Regulations 2001

CHAPTER 12 - FINANCIAL SECTOR REFORM  

PART 12.8 - SHARES IN CERTAIN BODIES CORPORATE  

Division 2 - Member shares  

REGULATION 12.8.06A   MEMBER SHARES - LIABILITY TO PAY CALLS  

12.8.06A(1)   [ Modification]  

For clause 38 of Schedule 4 to the Act, the operation of subsection 254M(1) of the Act is modified in accordance with this regulation.

12.8.06A(2)   [ Partly-paid shares]  

If a member share in the body corporate is partly-paid, the shareholder is not liable to pay a call on the share, or on a winding up of the body corporate, without the consent of the shareholder, to the extent that the unpaid amount is increased as a result of the conversion of the share in accordance with regulation 12.2.04.