Members/shareholders
- The member(s)/shareholder(s) are the persons or entities which
will, collectively, own the company***
***Except in the case of a public company limited by guarantee, in which
case the members are the persons who will agree to contribute an agreed
amount to the property of the company if it is wound up. Newly formed public
companies limited by guarantee do not, and cannot, have shareholders. They
can only have members.
- The company must have at least one member/shareholder but need
not have any more than one member/shareholder - section 114
of the Corporations Act 2001.
- For practical reasons, Incorporator will only cater for up to 12
members/shareholders.
- A director or company secretary (or both) may also be a member/shareholder
of the company and may even be the sole member/shareholder of the company.
- The member(s)/shareholder(s) need not be a natural person(s); they may
also be a company(s), or any other form of body corporate (e.g. an
incorporated club). A mere registered business name may not be specified as
a member/shareholder (but the person(s) or company(s) trading under that
registered business name may be). A mere partnership name may not be
specified as a member/shareholder (but the individual partners may be). A
mere trust name may not be specified as a member/shareholder (in this case
the name of the trustee - be it a person or a company - needs to be specified).
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