please...do your own research. My notes below are not advice.One...

please...do your own research. My notes below are not advice.
One of the most misunderstood things about NL (no liability) companies is the partly paid share. If you google NL or No Liability, it will most likely lead you back to an obscure news article from the mid 1800's which is where the whole thing started. NL status applies only to explorers and miners, no other type of company. Partly paid shares are NOT options. they are a partly paid share, not an option to buy a share. Partly paid shares have a "no call before" date. If they are called and not paid up, they fall away or can be paid by someone else and picked up. The key point here is "if they are called". There is nothing to prevent the "no call before" date from being pushed out! EMU is a case in point. Partly paid shares carry voting rights commensurate to the amount they are paid-up to. In the case of EMU CA, 50%. Partly paid shares can attract FULL dividends. Options to buy partly paid shares can be put in place. Partly-paids are not options. There are not many NL companies on the register. Even fewer understand what an incredible business building tool they are. The most recent company I can recall changing from NL to LTD is Sandfire Resources in November '19. I assume the NL status was simply surplus to requirements considering where SFR now sits as an entity. I recommend the reader does his/her own research on this as every armchair expert will have an opinion....and they invariably are wide of the mark. All the bests.