Companies Act (Cap. 386), article 211

211. (1) A private company shall have the status of an exempt company if the conditions mentioned in sub-article (2) are contained in its mem orandum or articles. (2) The conditions required by sub-article (1) are - (a) that the number of persons holding debentures of the company is not more than fifty; and (b) that no body corporate is a director of the company, and neither the company nor any of the directors is party to an arrangement whereby the policy of the company is capable of being determined by persons other than the directors, members or debenture holders thereof. (3) Companies referred to in sub-article (1) shall be exempt from the requirements of artic le 138(7) and of article 144(1)( a); and the proviso to article 183(2) shall apply. ( 4) A sole director of an exemp t company shall be entitled to hold office as a company secretar y thereof during his directors hip. (5) Where an exempt company has only one director, any requirement of this Act that two directors of a company shall a ct, shall be interpreted in relation to the exempt company as requi ring one director to act. Single member companies. Amended by: IV . 2003.90; XX. 2013.87.