Cap. 386 Art. 211Exempt company.

(1) A private company shall have the status of an exempt company if the conditions mentioned in sub-article (2) are contained in its memorandum or articles.

(2) The conditions required by sub-article (1) are -

(a) that the number of persons holding debentures of the company is not more than fifty; and

(b) that no body corporate is a director of the company, and neither the company nor any of the directors is party to an arrangement whereby the policy of the company is capable of being determined by persons other than the directors, members or debenture holders thereof.

(3) Companies referred to in sub-article (1) shall be exempt from the requirements of article 138(7) and of article 144(1)(a); and the proviso to article 183(2) shall apply.

(4) A sole director of an exempt company shall be entitled to hold office as a company secretary thereof during his directorship.

(5) Where an exempt company has only one director, any requirement of this Act that two directors of a company shall act, shall be interpreted in relation to the exempt company as requiring one director to act.