Document ID: chunk:federal_register_of_legislation:C2004C01110:clause:4_10
Version: federal_register_of_legislation:C2004C01110
Segment Type: clause
Provision Reference: sch 4 cl 10
Character Range: 73747–75746

10                                                     other                                                                              * public company limited by guarantee
                                                                                                                                          public company limited by shares
                                                                                                                                          public company limited by shares and by guarantee
                                                                                                                                          proprietary company limited by shares [see note]

Note: To be registered as a proprietary company, the institution would need to comply with subsection 113(1) (no more than 50 non‑employee shareholders). A proprietary company cannot engage in fundraising activities (see subsection 113(3)).

 (4) The institution may elect which particular type of company it is to be registered as under subclause (1). The election:
 (a) must be agreed to by a resolution of the board of the institution; and
 (b) is to be made by written notice lodged with ASIC at least 7 days before the transfer date.
The election must be in the prescribed form.

 (5) The institution is taken to be registered under subclause (1) as the following type of company:
 (a) if the institution's board makes an election under subclause (4)—the type specified in the election; or
 (b) if the institution's board does not make an election under subclause (4):
 (i) if regulations under this subparagraph are in force for that type of institution on the transfer date—the type of company prescribed by the regulations; or
 (ii) if no regulations under subparagraph (i) are in force for that type of institution on the transfer date—the type of company that is specified in the table in subclause (3) for that type of institution and is marked with an asterisk.