Close Corporations Act 1989
Part 15LIABILITY OF MEMBERS FOR CORPORATION’S DEBTS AND LIABILITIES
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PART 15—LIABILITY OF MEMBERS FOR CORPORATION’S DEBTS AND LIABILITIES
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Members generally not liable
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Liability if number of members exceeds 10
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Liability where proper accounting records not kept
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Liability if corporation becomes a holding company
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Liability for unreasonable delay in taking action where corporation insolvent
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Liability of signatories to declaration of solvency if corporation insolvent
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Liability where insolvency resulted from unlawful acquisition of shares
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Corporation not liable to member who pays debt of corporation