Ann: High Grade Infill Drilling at the Goulamina Deposit, page-95

Public companies
A public company must have at least three directors (not counting alternate directors). At least two of the directors must live in Australia.

A public company must also have at least one secretary. They must live in Australia.

What happens if a company does not have enough officers?
If a company does not have enough officers, it will be in breach of the Corporations Act 2001. This could result in the company paying penalties or being prosecuted for not meeting its obligations.

New officeholders must be appointed as soon as possible.

The consequences of this can be:

• ASIC can serve a Penalty Notice on the company requiring the company to pay a penalty of $1062.50.
• The company may also be prosecuted for failing in its statutory obligation to have the minimum number of officeholders.