Document ID: chunk:federal_register_of_legislation:C2018A00106:clause:1_13
Version: federal_register_of_legislation:C2018A00106
Segment Type: clause
Provision Reference: sch 1 cl 13
Character Range: 6075–6526

13  After subsection 201A(1)
Insert:
 (1A) However, a proprietary company must have at least 2 directors while the company has one or more CSF shareholders. Of those directors:
 (a) if there are only 2 of them—at least one of them must ordinarily reside in Australia; or
 (b) otherwise—a majority of them must ordinarily reside in Australia.
Note: The company must also have at least 2 directors when making the CSF offer (see paragraph 738H(1)(a)).