Company Law Review Act 1998 (61 of 1998)

Schedule 2   Consequential amendment of the Corporations Law

Part 1   Registering a company (new Chapter 2A) Basic features of a company (new Chapter 2B) Members' rights and remedies (new Chapter 2F)

44   Subsection 45A(1)

Repeal the subsection, substitute:

(1) A proprietary company is a company that is registered as, or converts to, a proprietary company under this Law.

Note 1: A proprietary company can be registered under section 118, 601BD or 1362B. A company can convert to a proprietary company under Part 2B.7.

Note 2: A proprietary company must:

_ be limited by shares or be an unlimited company with a share capital

have no more than 50 non-employee shareholders

not do anything that would require lodgment of a prospectus under Part 7.12 (except in limited circumstances).

(see section 113).