Commonwealth Numbered Acts

COMPANIES ACT 1981 No. 89 of 1981 - SECT 487

487. (1) If a no liability company ceases to carry on business within 12
months of its incorporation, shares issued for cash rank on a winding up, to
the extent of the capital contributed by subscribing shareholders, in priority
to those issued to vendors or promoters or both for consideration other than
cash.
(2) In sub-section (1), ''no liability company'' includes a company that,
having been incorporated as a no liability company, changes its status under
section 69.