no liability
Word Rarity
Uncommon
Frequency: Zipf frequency 4.16 in modern English
16
Scrabble Score
11
Letters
5
Syllables
8
Unique Chars
Meaning
noun
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.
Australian usage; Uncountable
Example Sentences
- "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."
Usage
Inflected Forms
no-liability (alternative)