MENU

Section 9 of The Companies Act No. 17 of 2015: Private companies

    

(1) For the purposes of this Act, a company is a private company if—
(a) its articles—
(i) restrict a member's right to transfer shares;
(ii) limit the number of members to fifty; and
(iii) prohibit invitations to the public to subscribe for shares or
debentures of the company;
(iv) requires the consent of all members to add a new member
(b) it is not a company limited by guarantee; and
(c) its certificate of incorporation states that it is a private company.
(2) In subsection (1)(a)(ii), “member” excludes—
(a) a member who is an employee of the company; and
(b) a person who was a member while being an employee of the company
and who continues to be a member after ceasing to be such an
employee.
(3) For the purposes of this section, two or more persons who hold shares in
a company jointly are taken to be a single member.

« Previous:   Section 8 - Unlimited companies          Next: »   Section 10 - Public companies

Disclaimer: This document is not to be taken as legal advise.

Enhance Your Research with Bookmarks and Annotations

Here's how you can use these features:

  • To bookmark this page, click the "Bookmark this Page" button below the document title.
  • To add an annotation, highlight text in the document and select "Add Annotation" from the toolbar that appears.
  • These features are great for organizing your research and keeping track of key information.
  • You can view and manage your bookmarks and annotations on your Bookmarks and Annotations page.

Cited By:

More Sections