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).