THE CORPORATIONS LAW
PART 13 - THE CORPORATIONS LAW
THE CORPORATIONS LAW 82 The Corporations Law is as follows:...
CHAPTER 2A - REGISTERING A COMPANY
PART 2A.1 - WHAT COMPANIES CAN BE REGISTERED
SECTION 113 PROPRIETARY COMPANIES 113(1) [Limitation of non-employee shareholders] A company must have no more than 50 non-employee shareholders if it is to: (a) be registered as a proprietary company; or (b) change to a proprietary company; or (c) remain registered as a proprietary company.Note:
Proprietary companies have different financial reporting obligations depending on whether they are small proprietary companies or large proprietary companies (see section 45A and Part 2M.3).(i) a shareholder who is an employee of the company or of a subsidiary of the company; or
(ii) a shareholder who was an employee of the company, or of a subsidiary of the company, when they became a shareholder.
Note:
If a proprietary company contravenes this section, ASIC may require it to change to a public company (see section 165).
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