201AMinimum number of directors

#### 201A Minimum number of directors Proprietary companies (1) A proprietary company must have at least 1 director. That director must ordinarily reside in Australia. (1A) However, a proprietary company must have at least 2 directors while the company has one or more CSF shareholders. Of those directors: (a) if there are only 2 of them—at least one of them must ordinarily reside in Australia; or (b) otherwise—a majority of them must ordinarily reside in Australia. > Note: The company must also have at least 2 directors when making the CSF offer (see paragraph 738H(1)(a)). Public companies (2) A public company must have at least 3 directors (not counting alternate directors). At least 2 directors must ordinarily reside in Australia.