Commonwealth Numbered Acts

CORPORATIONS ACT 1989 No. 109 of 1989 - SECT 69

69. (1) An exempt proprietary company is a proprietary company no member of
which is, and no share in which is owned by, a non-exempt person.

(2) An exempt proprietary company of a State or Territory is a proprietary
company of the State or Territory no member of which is, and no share in which
is owned by, a non-exempt person.

(3) For the purposes of this ection, a non-exempt person is:

   (a)  a body corporate other than:

        (i)    a company;

        (ii)   a company of a State or Territory; or

        (iii)  an exempt foreign company;

   (b)  a public company;

   (c)  a public company of a State or Territory;

   (d)  a private company a share in which is owned by a private company a
        share in which is owned by a private company a share in which is owned
        by a person other than a natural person; or

   (e)  a private company (other than an exempt foreign company) a share in
        which is owned by a body corporate that is a non-exempt person by
        virtue of any other application or applications of this subsection.

(4) For the purposes of subsection (3), a private company is:

   (a)  a proprietary company;

   (b)  a proprietary company of a State or Territory; or

   (c)  an exempt foreign company.

(5) For the purposes of subsections (3) and (4), a company is neither a public
company nor a proprietary company if a licence is in force in respect of it
under section 383.

(6) For the purposes of subsections (3) and (4), a company of a State or
Territory is neither a public company, nor a proprietary company, of that
State or Territory if a licence is in force in respect of it under a law
corresponding to section 383.

(7) For the purposes of this section, a person owns a share if, and only if:

   (a)  the person holds, directly or indirectly, a beneficial interest in the
        share;

   (b)  the person, either alone or together with another person or other
        persons, is entitled (otherwise than as trustee for, on behalf of, or
        on account of, another person) to receive, directly or indirectly, any
        dividends in respect of the share or to exercise, or to control the
        exercise of, any rights attaching to the share; or

   (c)  the person is a body corporate and owns a share in a body corporate
        that owns, or a subsidiary of which owns, the first-mentioned share.

(8) Nothing in subsection (7) limits the generality of anything else in that
subsection.

(9) A reference in paragraph (7) (c) to a person owning a share is a reference
to the person owning the share by virtue of any other application on
applications of subsection (7).