Statute
Section 553A — Corporations Act 2001: Member cannot prove debt unless contributions paid
Text of the provision Official document
A debt owed by a company to a person in the person’s capacity as a member of the company, whether by way of dividends, profits or otherwise, is not admissible to proof against the company unless the person has paid to the company or the liquidator all amounts that the person is liable to pay as a member of the company.
Official source: Federal Register of Legislation
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