Section 9 : Number of shareholders

(1) The number of shareholders of a private company shall not exceed one hundred.

¹ (1A) Notwithstanding anything contained in sub-section (1), if an application is made within three months from the date of commencement of this sub-section for the establishment of a private company consisting of transport professionals registered and registered in accordance with the existing law and registered in the Transport Professional Committee to carry on the transport business, the registration of such private company shall not be hindered even if the number of shares exceeds the number mentioned in sub-section (1).

(2) Subject to the restrictive phrase of sub-section (2) of section 3, the number of shareholders of a public company shall be at least seven and not more.

(3) Notwithstanding anything contained in sub-section (1), an employee who has purchased shares of the company under the scheme of sale of shares to employees or an employee who has purchased shares under such scheme but is not in immediate service of the company shall not be counted as a shareholder.

^{1The first amendment.}