Commonwealth Consolidated Acts

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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.

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