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.