APPENDIX N

Company Legislation in the British
Dominions Overseas

AUSTRALIA -
The Commonwealth—as a federal unit—has no power to create
corporations or to enact a general code of company law; there are.
therefore, no Commonwealth companies acts.
NEw Soutn WALES. The principal Act is the Companies Act,
No. 40 of 1899 (a consolidating Act); and the Amending Acts
are Nos. 47 of 1900, 22 of 1906, 9 of 1907, and the Companies
(Registration of Securities) Act, No. 37 of 1918. A special Act
is the Companies (Death Duties) Act, No. 30 of 1901.

The Companies Acts comprise, with small exceptions and
subject to what is stated below, the provisions of the English
Companies Act, 1929.

Companies Act, No. 40 of 1899. The following provisions are
noteworthy :—

ss. 186-203. No-liability companies.

Among the special features of the company law of New South
Wales is the system of ‘no-liability’ companies, which has been
found useful for mining companies in Australia as in Canada.
A no-liability company is a company of which the members are
not liable for any calls or contributions, but are not entitled to a
dividend on any share upon which a call is due and unpaid.
For the protection of creditors a no-liability company is bound
to use the words ‘no liability’ as the last two words of its name,
and no goods may be ordered on behalf of a company of this class
except on paper bearing the companv’s name. including the words
‘no liability.’

Before registration can be obtained, 10 per cent. of the ‘con-
tributing capital’ must have been paid up in cash; (‘contributing
capital’ is the total nominal capital exclusive of fully or partly-
paid shares issuable for a consideration other than cash).

A call on shares must be made so as to fall due only on the
second Wednesday in any month, and no subsequent call may be
made until 14 days after the previous call became due