Section 254P — Corporations Act 2001: 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.