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CORPORATIONS ACT 2001

CHAPTER 5B - BODIES CORPORATE REGISTERED AS COMPANIES, AND REGISTRABLE BODIES  

PART 5B.1 - REGISTERING A BODY CORPORATE AS A COMPANY  

Division 1 - Registration  

SECTION 601BB  BODIES REGISTERED AS PROPRIETARY COMPANIES  

601BB(1)  [Non-employee shareholder limit]  


The body must have no more than 50 non-employee shareholders if it is to be registered as a proprietary company under this Part.

601BB(2)  [Application]  


In applying subsection (1):


(a) count joint holders of a particular parcel of shares as 1 person; and


(b) an employee shareholder is:


(i) a shareholder who is an employee of the body or of a subsidiary of the body; or

(ii) a shareholder who was an employee of the body, or of a subsidiary of the body, when they became a shareholder.

 



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