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.