A public company having a share capital may convert to a private company by lodging with the Registrar -
(a) a copy of a special resolution -
(i) determining to convert to a private company and specifying an appropriate alteration to its name; and
(ii) altering the provisions of its constitution to impose the restrictions on the right to transfer its shares and limitations to not more than 50 the number of its members.
(b) a list of persons holding shares in the company; and
(c) such other information relating to the company or its members and officers.
A private company has its constitution -
(a) restricting the right to transfer its shares; and
(b) limiting to not more than 50 the number of its members.
A private company may, by special resolution, alter any restriction on the right to transfer its shares included in its constitution or any limitation on the number of its members included in its constitution.
Public company means a company other than a private company.
If you would like to know more, please contact Bestar.