The member(s)/shareholder(s) are the persons or entities which will, collectively, own the company.
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.
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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