Talk:No liability

Simpler language?
"it is not entitled to calls on the unpaid issue price of shares."

What's that mean? —Felix the Cassowary 01:00, 6 August 2008 (UTC)


 * It may be better to say this the other way around.
 * A shareholder of a partly-paid (aka contributing) share in a NL company is not liable to pay any calls if their do not want to.   Tabletop (talk) 12:08, 8 September 2012 (UTC)

Mining or Exploration
It is possible that the NL phase operates only during the exploration for propects. operations.

Once the company starts mining and selling the ore, that is when the company converts to the normal Limited phase. Tabletop (talk) 12:08, 8 September 2012 (UTC)

Surely Not
Should the shareholder chose not to pay when there is a call, the shareholder forfeits both the unpaid and paid shares.

Surely the shareholder forfeits the partly paid shares, but keeps any paid shares !? Tabletop (talk) 13:40, 11 September 2012 (UTC)

Forfeiture Notice
A typical notice only forfeits contributing shares. On floatation, it is required that the company has 10% of its shares as fully paid. A shareholder may hold both contributing and filly paid shares.


 * MARITANA NORTH GOLD MINING COMPANY.
 * NOTICE OF FORFEITURE.
 * NOTICE is hereby given that all SHARES upon which the SECOND CALL of THREEPENCE per share has NOT been PAID have become FORFEITED, and will be offered for SALE by public auction by Messrs. M. J. Solomon & Co., in the Vestibule of the Stock Exchange, King-William-street, Adelaide, on FRIDAY, the 29th day of January. 1897, at 12.30 o'clock.
 * ARTHUR BRISTOWE, Secretary,
 * 3 and 4, Pirie-street, Adelaide, 18th January, 1897. 19-20,9

Non Liability
When the new Mining Acts were passed, there is some mention of "Non Liability" which may or may not be the same as "No Liability".

Acts

 * No Liability Act, 1859, New South Wales


 * Mining Partnerships Liability Act, 1860, Victoria


 * Mining Companies Limited Liability Act, Tasmania


 * Limited Liability Act, South Australia, 1865


 * Victorian Mining Act, 1871


 * Act of 1877