(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.