Wiktionary
alt. (context Australia business legal English) 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. n. (context Australia business legal English) 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.
Wikipedia
A no-liability company in Australia (suffix NL) is a company which, under the Corporations Act 2001 (Cth), must have as its stated objects that it is solely a mining company and that it is not entitled to calls on the unpaid issue price of shares. It is a company which is restricted to mining activities and is the only sort of corporation which is entitled to this form of liability, given the sometimes financially risky business of mining. Most of the usual rules in the Act apply to no-liability companies, save that a mining company must adopt a constitution which states their objects as mining.
No-liability companies should not be confused with the concept of limited liability.
No-liability companies are differentiated from other companies as their shareholders are not liable to pay calls on unpaid shares. This differs from traditional company structure where the purchase of shares is a binding contract. Should the shareholder choose not to pay when there is a call, the shareholder forfeits both the unpaid and paid shares. This encourages investment in potentially risky mining ventures, as a shareholder with unpaid shares can choose to withdraw from the company with no legal consequences. A successful mining company usually converts to a limited liability company when advantageous.
Usage examples of "no liability".
I do indeed believe that if the Subject have no liability to such subconscious activity, or if his conscious fields have a hard rind of a margin that resists incursions from beyond it, his conversion must be gradual if it occur, and must resemble any simple growth into new habits.
They swore there was no liability but there's apparently a rule of law that a quadriplegic automatically wins any lawsuits against construction companies, no matter who was at fault.
Pocket Books shall have no liability to any person for any injury, loss or damage of any kind arising out of the acceptance or use of the prizes.
The drainer gave me a standard form, promising me that all I said would be held in strictest confidence, the drainer merely acting as intermediary between me and the god of my choice, and I for my part pledging that I would hold the drainer to no liability for the knowledge he would have of me, that I would not call him as witness in a lawsuit or make him my alibi in some prosecution, et cetera, et cetera.
Accepts No Liability for Lives Lost through Acts of War) to Lyonesse, Finney County, Kansas.
Anything could happen, I don't want no liability for the bone in somebody else's head.