Commonwealth Numbered Acts

CORPORATIONS ACT 1989 No. 109 of 1989 - SECT 116

116. A company having a share capital (other than a no liability company) may
be incorporated as a proprietary company if a provision of its constitution:

   (a)  restricts the right to transfer its shares;

   (b)  limits to not more than 50 the number of its members (counting joint
        holders of shares as one person and not counting a person who is
        employed by the company or any of its subsidiaries or a person who
        was, while so employed, and thereafter has continued to be, a member
        of the company);

   (c)  prohibits any invitation to the public to subscribe for, and any offer
        to the public to accept subscriptions for, any shares in, or
        debentures of, the company; and

   (d)  prohibits any invitation to the public to deposit money with, and any
        offer to the public to accept deposits of money with, the company for
        fixed periods or payable at call, whether bearing or not bearing
        interest.