Registration Of A No Liability Company

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Registration Of A No Liability Company

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Registration Of A No Liability Company

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Question:
Discuss about the Registration of a No Liability Company.

Answer:

The corporations act section 112(2) requires that only four types of companies can get incorporated, a no liability company being one of them. A no liability company is a type of public company limited by shares. The Australian Corporations Act law requires that a no liability company must not undertake any activity outside the set mining objectives. For a company to get registered as a no liability company, the Corporation Act Section 112 provides that the following requirements be met:
1.The company must have share capital
2.Its constitution define clearly that its principal activity is mining, and

That the company has no contractual rights to recover calls made on its shares by any shareholder who has not paid for the calls.

The incorporation of no liability company has several provisions about its name, the issue of shares terms, call on shares, and registration of a body as a firm (Monestier, 2015, p. 80). To lodge for registration of a no liability company, special provisions with ASIC hold. The contents of applying for registration as per Corporations Act section 117 include:
1.The proposed name of the company
2.Addresses and names of all consentent members; preferably residential address
The proposed registered office address of the company
1.The present given and family name of all shareholders and their beneficiaries
2.Name and address of director or company secretary who consents in writing to hold such a post
Further, under section 117, the application for registration of a no liability company requires that each member’s number and class of shares he or she agrees to take up to get disclosed in writing. If there is any amount a member agrees to take up in writing, the number should be stated. If during the registration there is any amount that is not fully paid, then each member agrees in writing to get unpaid on every share.
The Corporations Act requires that the directors of a no limited company should never allow the whole mine on tributes and must not involve in any consent for working any tribute. Further, in the case the contract is to be allowed, a special resolution is needed for its letting (Tomasic, Bottomley, and McQueen, 2002, p 76). The director must certify that there is no such a setting that has been made within a course of 2 years after the contract is let.
Corporations Act section 148 on a no liability company’s name; the law requires that such a company must have words “No Liability” at the end of its name. However, Section 156 provides that no individual should carry on business in this jurisdiction under a name that ends with “No Liability.” The word is strictly allowed for corporate bodies contrary to which an offense of strict liability is imposed.
In its inception, the applicant should have all consents and agreements of members in writing (Monestier, 2015, p. 88). Under any circumstances that the chosen name match with another, section 147 deals with reservation of names thus a good name is chosen with respect to the stated provisions under Corporation Act sections 152 and 147.
After a company gets registered, the law requires the applicant to provide the agreements and consents to the enterprise. It is mandatory for the secretary of the company to keep these consents and agreements of incorporation.

References

Monestier, T.J., 2015. Registration Statutes, General Jurisdiction, and the Fallacy of Consent.
Tomasic, R., Bottomley, S., and McQueen, R., 2002. Corporations law in Australia. Federation Express.

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