Document ID: chunk:federal_register_of_legislation:C2025C00185:section:254p
Version: federal_register_of_legislation:C2025C00185
Segment Type: section
Provision Reference: s 254P
Character Range: 875824–876660

254P  No liability companies—calls on shares

Making calls
 (1) A call on a share in a no liability company is not effective unless it is made payable at least 14 days after the call is made.

Notice of call
 (2) At least 7 days before a call on shares in a no liability company becomes payable, the company must give the holders of the shares notice of:
 (a) the amount of the call; and
 (b) the day when it is payable; and
 (c) details for making the payment.
If the notice is not given, the call is not payable.
 (3) A call does not have any effect on a forfeited share that is held by or in trust for the company under subsection 254Q(6). However, when the share is re‑issued or sold by the company, the share may be credited as paid up to the amount determined by the company in accordance with its constitution or by resolution.