CORPORATIONS ACT 2001 - SECT 1340 No liability to pay calls on shares etc.
CORPORATIONS ACT 2001 - SECT 1340
No liability to pay calls on shares etc.Where unclaimed property is or includes shares in a body corporate, neither the Commonwealth nor ASIC is subject to any obligation:
(b) to make any contribution to the debts and liabilities of the body corporate; or
(c) to discharge any other liability; or
(d) to do any other act or thing;
in respect of the shares, whether the obligation arises before or after the
shares become unclaimed property, but this section does not affect the right
of a body corporate to forfeit a share.