New South Wales Consolidated Acts

GAS INDUSTRY RESTRUCTURING ACT 1986 - SECT 39

39 Liability of shareholders of AGL, Newcastle Gas Co

(1) This section applies:

(a) to The Australian Gas Light Company and the Newcastle Gas Company Limited, and

(b) notwithstanding the provisions of any memorandum or articles of association.

(2) The liability of a member or past member of a company to which this section applies to contribute to the property of the company on a winding up of the company does not exceed the amount (if any) unpaid on the shares in respect of which the member is liable as a present or past member.