Commonwealth Consolidated Regulations

CORPORATIONS REGULATIONS 2001 - REG 12.8.06A

         (1)   For clause 38 of Schedule 4 to the Act, the operation of subsection 254M (1) of the Act is modified in accordance with this regulation.

         (2)   If a member share in the body corporate is partly-paid, the shareholder is not liable to pay a call on the share, or on a winding up of the body corporate, without the consent of the shareholder, to the extent that the unpaid amount is increased as a result of the conversion of the share in accordance with regulation 12.2.04.