Commonwealth Consolidated Acts

CORPORATIONS ACT 2001 - SECT 201A

Proprietary companies

             (1)  A proprietary company must have at least 1 director. That director must ordinarily reside in Australia.

          (1A)  However, a proprietary company must have at least 2 directors while the company has one or more CSF shareholders. Of those directors:

                     (a)  if there are only 2 of them--at least one of them must ordinarily reside in Australia; or

                     (b)  otherwise--a majority of them must ordinarily reside in Australia.

Note:          The company must also have at least 2 directors when making the CSF offer (see paragraph 738H(1)(a)).

Public companies

             (2)  A public company must have at least 3 directors (not counting alternate directors). At least 2 directors must ordinarily reside in Australia.