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Companies (Consolidation) Act 1908

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Meaning of "Private Company"

121Meaning of "private company."

(1)For the purposes of this Act the expression "' private company " means a company which by its articles—

(a)restricts the right to transfer its shares ; and

(b)limits the number of its members (exclusive of persons who are in the employment of the company) to fifty ; and

(c)prohibits any invitation to the public to subscribe for any shares or debentures of the company.

(2)A private company may, subject to anything contained in the memorandum or articles, by passing a special resolution and by filing with the registrar of companies such a statement In lieu of prospectus as the company, if a public company, would have had to file before allotting any of its shares or debentures, together with such a statutory declaration as the company, if a public company, would have had to file before commencing business, turn itself into a public company.

(3)Where two or more persons hold one or more shares in a company jointly they shall, for the purposes of this section, be treated as a single member.

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