Section 29
Meaning of private company
ActIn forceProvision 32 of 41
Section 29
(1)
For the purposes of this Act, "private company" means a company which by its articles -
(a)
restricts the right to transfer its shares;
(b)
limits the number of its members to fifty, not including persons who are in the employment of the company and persons who, having been formerly in the employment of the company, were members of the company while in that employment and have continued to be such members after the determination of that employment; and
(c)
prohibits any invitation to the public to subscribe for any shares or debentures of the company.
(2)
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.
48
Companies