It will not be easy to avoid paying the call simply by transferring the units to another entity which is not worth suing. Generally shares or units in listed entities can be freely transfered. However this can be restricted by the entity's constitution or the replaceable rules. The Replaceable rule in s. 1072F(3) gives directors the right to refuse to register a transfer of part-paid shares. I assume there is a similar provision in the BCS Constitution. So current holders may not be able to avoid the call by various off-market transfers. DIrectors have to exercise this power for proper purposes and for the best interests of the company. Section 1071F also provides a right for the transferee to apply to the court for an order to register the transfer - but the court has to be satisfied that the refusal to register the transfer was without just cause. What a mess! I suspect the solution will be more political and threat to reputations rather than some legal maneuver. Good luck to all holders!
BCS Price at posting:
0.0¢ Sentiment: None Disclosure: Not Held
