Commonwealth Numbered Acts

CORPORATIONS ACT 1989 No. 109 of 1989 - SECT 179

179. (1) In the case of a company limited by guarantee and not having a share
capital, a provision in the constitution, or in a resolution, of the company
purporting to give a person a right to participate in the divisible profits of
the company otherwise than as a member is void.

(2) For the purposes of the provisions of this Act relating to the memorandum
of a company limited by guarantee and of this section, a provision in the
constitution, or in a resolution, of a company limited by guarantee purporting
to divide the undertaking of the company into shares or interests shall be
treated as a provision for a share capital even if the nominal amount or
number of the shares or interests is not specified.

(3) This section does not apply in relation to a Division 2 company that was
originally incorporated:

   (a)  before 1 October 1954 under the company law of the Capital Territory;

   (b)  before 1 January 1937 under the company law of New South Wales;

   (c)  before 31 January 1911 under the company law of Victoria;

   (d)  before 21 March 1932 under the company law of Queensland;

   (e)  before 1 March 1935 under the company law of South Australia;

   (f)  before 5 October 1962 under the company law of Western Australia;

   (g)  before 1 February 1921 under the company law of Tasmania;

   (h)  before 1 March 1935 under the company law of the Northern Territory;
        or

   (j)  before the prescribed day in relation to an external Territory under
        the company law of that Territory.