Under the provisions of the Companies Act, a private company is any company whose articles of association:
Limit the number of members to 50 excluding current and former employees who are members.
Restrict the right to transfer its shares.
Prohibit any invitation to the public to subscribe for its shares or debentures.
Other Characteristics include:
Has at least one director.
Entitled to commence business from the date of incorporation.
Not obliged to hold the statutory meeting.
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