Is a Not-for-profit Pty Ltd Company considered an ASIC special purpose company?
Yes, the Patricia Holdings Not-for-profit Pty Ltd Company is considered a special purpose company according to ASIC and is eligible for the reduced annual review fee.
The legal requirements for a special purpose not-for-profit company are set out in section 3(d) of the Corporations (Review Fees) Regulations 2003 under the Corporations Act 2001 (Cth). The regulations state that the constitution:
- Requires the company to pursue charitable purposes only and to apply its income in promoting those purposes;
- Prohibits the company making distributions to its members and paying fees to its directors; and
- Requires its directors to approve all other payments the company makes to them.
The Patricia Holdings NFP Pty Ltd constitution complies with these regulations.
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