601BB
In forceBodies registered as proprietary companies
Volume 3Chapter 5A, Part 5A.1 to Chapter 6D, Part 6D.5 sections 601 to 742
Chapter 5BBodies corporate registered as companies, and registrable bodies
Part 5B.1Registering a body corporate as a company
Division 1Registration
601BB Bodies registered as proprietary companies
(1)
The body must have no more than 50 non‑employee shareholders if it is to be registered as a proprietary company under this Part.
(2)
In applying subsection (1):
(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.
This Act’s bill:Explanatory memorandumSecond reading speech
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