Commonwealth Consolidated Acts

CORPORATIONS ACT 2001 - SECT 112

Types of companies

  (1)   The following types of companies can be registered under this Act:

Note 1:   Other types of companies that were previously allowed continue to exist under the Part   10.1 transitionals.

Note 2:   For corporate collective investment vehicles, see Chapter   8B.

No liability companies

  (2)   A company may be registered as a no liability company only if:

  (a)   the company has a share capital; and

  (b)   the company's constitution states that its sole objects are mining purposes; and

  (c)   the company has no contractual right under its constitution to recover calls made on its shares from a shareholder who fails to pay them.

Note 1:   Section   9 defines mining purposes and minerals .

Note 2:   Special provisions on no liability companies are found in the provisions referred to in the following table:

  (3)   A no liability company must not engage in activities that are outside its mining purposes objects.

  (4)   The directors of a no liability company must not:

  (a)   let the whole or proportion of a mine or claim on tribute; or

  (b)   make any contract for working any land on tribute;

unless:

  (c)   the letting or contract is approved by a special resolution; or

  (d)   no such letting or contract has been made within the period of 2 years immediately preceding the proposed letting or contract.

  (5)   An act or transaction is not invalid merely because of a contravention of subsection   (3) or (4).