Chapter 1: Interpretation, Purpose and Application
Part B: Purpose and application

s8: Categories of companies

  • (1) Two types of companies may be formed and incorporated under this Act, namely profit companies and non-profit companies.
    • (2) A profit company is:
      • (a) a state-owned company; or
        • (b) a private company if:
          • (i) it is not a state-owned company; and
            • (ii) its Memorandum of Incorporation:
              • (aa) prohibits it from offering any of its securities to the public; and
                • (bb) restricts the transferability of its securities;
              • (c) a personal liability company if:
                • (i) it meets the criteria for a private company; and
                  • (ii) its Memorandum of Incorporation states that it is a personal liability company; or
                  • (d) a public company, in any other case.
                  • (3) No association of persons formed after 31 December 1939 for the purpose of carrying on any business that has for its object the acquisition of gain by the association or its individual members is or may be a company or other form of body corporate unless it:
                    • (a) is registered as a company under this Act;
                      • (b) is formed pursuant to another law; or
                        • (c) was formed pursuant to Letters Patent or Royal Charter before 31 May 1962.

                        Related Sections

                        No related sections.

                        Related Regulations

                        No related regulations.

                        Related Notes

                        Notice to Customers: Conversion from one type of company to another

                        Related Forms

                        No related forms.