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Section 9
Number of Shareholders
: (1) The number of shareholders of a private company should not exceed one hundred and one.
(1a) Notwithstanding anything written in sub-section (1), the transport businessmen affiliated to the transport business committee operated by registration in accordance with the prevailing law shall establish a private company and conduct transport business within three months from the date of commencement of this sub-section, if more than what is written in sub-section (1) Even if there is a number of shareholders, it will not be a hindrance to register such a private company.
(2) Subject to the restrictive clause of sub-section (2) of section 3, the number of shareholders of a public company may be at least seven and at most any number of shareholders.
(3) Notwithstanding anything written in sub-section (1), employees who have purchased shares of the company under the plan to sell shares to employees or employees who have purchased shares under such plan but are not currently in the service of the company shall not be counted as shareholders.