S.L. 234.42 Art. 6Definition.

(1) A private company is a company which, besides fulfilling the requirements of these regulations 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 for sale to the public; or

(c) have the power to issue share warrants to bearer.

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