Meaning of no liability | Babel Free

Definitions

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.

Australia, uncountable

Examples

“It was originally estimated that the mill of the Kingsgate Molybdenite No Liability, Kingsgate, NSW, would have been completed by the end of March,[…].”

“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.”

“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.”

CEFR level