Commonwealth Consolidated Acts Commonwealth Consolidated ActsMaking 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.