New South Wales Consolidated Acts

AUSTRALIAN MUTUAL PROVIDENT SOCIETY ACT 1988 - SECT 12

12 Members’ liability

(1) Subject to subsection (3), if AMP is wound up:

(a) a person is not, as a present or past member, liable to contribute to the property of AMP for the purposes of payment of AMP’s debts or liabilities or of the costs, charges or expenses of the winding up or for the purposes of the adjustment of the rights of such members among themselves, and

(b) the property of AMP alone is liable for those purposes.

(2) In this section:
"past member" includes a person who ceased to be a member before the commencement of section 4.

(3) Section 360 of the Code applies to every present and past member of AMP who holds or has held shares in AMP.