Document ID: chunk:federal_register_of_legislation:C2025C00185:section:6
Version: federal_register_of_legislation:C2025C00185
Segment Type: section
Provision Reference: s 6
Character Range: 515356–516856

6                    public no liability company            public company limited by shares (but only if all the issued shares are fully paid up)
                                                            proprietary company limited by shares (but only if all the issued shares are fully paid up)

Note 1: A public company seeking to change to a proprietary company must comply with the requirements for proprietary companies set out in section 113.
Note 2: Other types of companies that were previously allowed can change type under the Part 10.1 transitionals.
 (2) A public company limited by shares may only convert to a no liability company if:
 (a) the company's constitution states that its sole objects are mining purposes; and
 (b) under the constitution the company has no contractual right to recover calls made on its shares from a shareholder who fails to pay them; and
 (c) all the company's issued shares are fully paid up.
Note: Section 9 defines mining purposes and minerals.
 (3) The company must lodge a copy of the special resolution with ASIC within 14 days after it is passed.
 (3A) An offence based on subsection (3) is an offence of strict liability.
Note: For strict liability, see section 6.1 of the Criminal Code.
 (4) A special resolution to change an unlimited company that has share capital to a company limited by shares may also provide that a specified portion of its uncalled share capital may only be called up if the company becomes a Chapter 5 body corporate.