Australian Securities & Investments Commission - Act Amendment
Non-profit & charitable organisations will generally be registered as public companies that are limited by guarantee.
This is governed by the Commonwealth ‘Corporation’s Act 2001’ legislation administered by Asic for a national business registry.
Under the act outlined below subsection 201A makes statement to the requirement of 3 directors for registry of purpose to operate as a public company with limited guarantee.
Part 2D.3—Appointment, remuneration and cessation of appointment of directors
Division 1—Appointment of directors
Subdivision A—General rules
201A Minimum number of directors
(2) A public company must have at least 3 directors (not counting alternate directors). At least 2 directors must ordinarily reside in Australia.
This petition is about protecting the business interest of the original entity director’s investment of a corporation without opportunity to assume control or management of a corporation via takeover.
This is my eyes is a risk of business interest with long term Jeopardy of the entity’s director via current structured implementation of operations under stated registry.
The amendment I propose is that of aligning this to part 2d.3 subsection (2) to the following:
“A public company must have at least 1 director (not counting alternate directors). With at least 1 secretary both must ordinarily reside in Australia”
Benefit is security for entity registered director with option of further implemented management at a director level if so choosing. Furthermore offers security for new businesses to register without risk within Australia.
Poc Liberty & United Australia
Copyright©®POC Liberty & United Australia All rights reserved.
Comment