no liability
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English
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Pronunciation
Audio (General Australian): (file)
Noun
- (Australia, business, law) A form of limited liability that may be used by mining companies, under which the shareholders may pay a company debt by surrendering shares in lieu of money.
- 1918, Australian Mining, volume 11, page 210:
- It was originally estimated that the mill of the Kingsgate Molybdenite No Liability, Kingsgate, NSW, would have been completed by the end of March, […] .
- 1993, Doing business in Australia, Price: Waterhouse & Co, Part 66, page 65:
- The use of no-liability companies is restricted to companies whose sole objective is mining, as designated by the Corporations Law. However, it is not necessary for a mining company to be a no-liability company.
- 2011, Australian Corporations & Securities Legislation 2011: Corporations Act 2001, page 183:
- 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.
Usage notes
Often used attributively, as in a no liability company. The term or its abbreviation NL must by law be included in the company name.
No liability differs from ordinary limited liability in the treatment of part paid shares: ordinarily a company can sue shareholders for the balance (when called to pay); with no liability the shareholders can surrender their shares instead of paying.