(1) A proprietary company is a company that is registered as, or converts to, a proprietary company under this Act.
Note 2: A proprietary company must:
* be limited by shares or be an unlimited company with a share capital * have no more than 50 non-employee shareholders * not do anything that would require disclosure to investors under Chapter 6D (except in limited circumstances).
Small proprietary company
(2) A proprietary company is a small proprietary company for a financial year if it satisfies at least 2 of the following paragraphs:
Large proprietary company
(3) A proprietary company is a large proprietary company for a financial year if it satisfies at least 2 of the following paragraphs:
When a company controls an entity
(4) For the purposes of this section, the question whether a proprietary company controls an entity is to be decided in accordance with the accounting standards made for the purposes of paragraph 295(2)(d) (even if the standards do not otherwise apply to the company).
(5) In counting employees for the purposes of subsections (2) and (3), take part-time employees into account as an appropriate fraction of a full-time equivalent.
(6) Consolidated gross operating revenue and the value of consolidated gross assets are to be calculated for the purposes of this section in accordance with accounting standards in force at the relevant time (even if the standard does not otherwise apply to the financial year of some or all of the companies concerned).