Western Australian Consolidated Acts Western Australian Consolidated Acts (1) In a limited
company the liability of the directors or managers or of the managing director
may, if so provided by the memorandum, be unlimited.
(2) In a limited
company in which the liability of a director or manager is unlimited, the
directors or the managers of the company (if any), and the member who proposes
a person for election or appointment to the office of director or manager,
shall add to that proposal a statement that the liability of the person
holding that office will be unlimited; and the promoters, directors and
managers of the company, or one of them, shall, before the person accepts the
office or acts therein, give him notice in writing that his liability will be
unlimited.
(3) If any director,
manager, or proposer makes default in adding such a statement, or if any
promoter, director, or manager, makes default in giving such a notice, he
shall be liable to a penalty not exceeding $100, and shall also be liable for
any damage which the person so elected or appointed may sustain from the
default; but the liability of the person elected or appointed shall not be
affected by the default.
[Section 69 amended by No. 113 of 1965
s. 8(1).]