CORPORATIONS REGULATIONS 2001 - REG 12.8.06A Member shares--liability to pay calls
CORPORATIONS REGULATIONS 2001 - REG 12.8.06A
Member shares--liability to pay calls(1) 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.
(2) 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.