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Public Companies A public company is in effect a step up from a proprietary company. They have wider powers to raise capital from members of the public than proprietary companies, but are subject to more onerous regulation. A public company can be listed on the Stock Exchange, provided it satisfies the ASX listing requirements, but it does not need to be. To incorporate a public company a requirement of the ASIC is for a copy of the company’s Constitution to be lodged with the ASIC at the time of its incorporation to ensure that its contents complies with the Acts requirements. (This is not the case for a proprietary company) Shelfcom’s standard Constitution complies. A public company must have at least three (3) directors two (2) of whom must be residents of Australia. It can have an unlimited number of shareholders (unlike a proprietary company which is limited to fifty) and its Constitution must not limit the transferability of its shares (once again unlike a proprietary company which empowers its directors to approve or reject share transfers). A public company must appoint an Auditor and its annual Financial Statements must be lodged with the ASIC in each year. The annual fee payable to the ASIC is higher than that imposed on proprietary companies. Shelfcom’s documentation for such companies is presented as for our "Professional" package.
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