Hong Kong Ordinances

COMPANIES ORDINANCE - SECT 29

Meaning of private company

Private Companies

(1) For the purposes of this Ordinance, the expression "private company"
(私人公司) means a company which by its articles-

   (a)  restricts the right to transfer its shares; and

   (b)  limits the number of its members to 50, not including persons who are
        in the employment of the company and persons who, having been formerly
        in the employment of the company, were while in that employment, and
        have continued after the determination of that employment to be,
        members of the company; and

   (c)  prohibits any invitation to the public to subscribe for any shares or
        debentures of the company.

(2) Where 2 or more persons hold one or more shares in a company jointly, they
shall, for the purposes of this section, be treated as a single member. [cf.
1929 c. 23 s. 26 U.K.]

"private company" (私人公司)