Corporations Act 2001
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](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.
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