Number of shareholders
(1) The number of shareholders of a private company shall not exceed fifty.
(2) Subject to the proviso to Sub-section (2) of section 3, the number of shareholders of a public company shall be seven in minimum and a maximum of any number.
(3) Notwithstanding anything contained in Sub-section (1), any employee who has purchased a share of a company under the scheme of selling shares to employees or any employee who has already purchased a share under such scheme but is not in service of the company for the time being shall not be counted as a shareholder.
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