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.
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