Corporations Amendment (Crowd-sourced Funding for Proprietary Companies) Act 2018 (106 of 2018)
Schedule 1 Amendments
Part 1 Main amendments
Corporations Act 2001
2 Subsection 45A(1) (note 2)
Repeal the note, substitute:
Note 2: A proprietary company needs to be limited by shares or be an unlimited company with a share capital (see subsection 112(1)).
Note 3: A proprietary company needs to:
(a) have no more than 50 shareholders, although employee shareholders and shareholders connected with CSF offers do not count for this purpose; and
(b) not do anything to require disclosure to investors under Chapter 6D (except in limited circumstances);
(see section 113).