Document ID: chunk:federal_register_of_legislation:C2018A00106:clause:1_2
Version: federal_register_of_legislation:C2018A00106
Segment Type: clause
Provision Reference: sch 1 cl 2
Character Range: 2757–3264

2  Subsection 45A(1) (note 2)
Repeal the note, substitute:
Note 2: A proprietary company needs to be limited by shares or be an unlimited company with a share capital (see subsection 112(1)).
Note 3: A proprietary company needs to:
(a) have no more than 50 shareholders, although employee shareholders and shareholders connected with CSF offers do not count for this purpose; and
(b) not do anything to require disclosure to investors under Chapter 6D (except in limited circumstances);
(see section 113).