Document ID: chunk:federal_register_of_legislation:C2025C00185:section:601bb
Version: federal_register_of_legislation:C2025C00185
Segment Type: section
Provision Reference: s 601BB
Character Range: 2196948–2197476

601BB  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.