Cap. 386 Art. 209Definition.

(1) A private company is a company which, besides fulfilling the requirements of this Act for it to hold the status of a private company, is one which, by its memorandum or articles -

(a) restricts the right to transfer its shares; and

(b) limits the number of its members to fifty; and

(c) prohibits any invitation to the public to subscribe for any shares or debentures of the company.

(2) A private company shall not -

(a) offer to the public, whether for cash or otherwise, any shares in or debentures of the company; or

(b) allot or agree to allot, whether for cash or otherwise, any shares in or debentures of the company with a view to all or any of those shares or debentures being offered to the public, within the meaning given to the expression "offers of securities made to the public" in article 2(3); or

(c) allow any of its equity securities to be admitted to listing or trading.

(3) Where a private company contravenes the provisions of sub-article (2), every officer thereof who is in default shall be liable to a penalty.