Corporations Act 2001

CHAPTER 2D - OFFICERS AND EMPLOYEES  

PART 2D.3 - APPOINTMENT, REMUNERATION AND CESSATION OF APPOINTMENT OF DIRECTORS  

Note: This Part does not apply to a CCIV: see section 1224E .

Division 1 - Appointment of directors  

Subdivision A - General rules  

SECTION 201A   MINIMUM NUMBER OF DIRECTORS  

201A(1)   Proprietary companies.  

A proprietary company must have at least 1 director. That director must ordinarily reside in Australia.

201A(1A)    

However, a proprietary company must have at least 2 directors while the company has one or more CSF shareholders. Of those directors:

(a) if there are only 2 of them - at least one of them must ordinarily reside in Australia; or

(b) otherwise - a majority of them must ordinarily reside in Australia.

Note: The company must also have at least 2 directors when making the CSF offer (see paragraph 738H(1)(a) ).

201A(2)   Public companies.  

A public company must have at least 3 directors (not counting alternate directors). At least 2 directors must ordinarily reside in Australia.