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