Further more: What happens if my company does not have enough...

Further more:

What happens if my company does not have enough officers?

You should make every effort to ensure that new officers are appointed as quickly as possible to meet the obligations of the company. There is no period in which the company is permitted to function without the required number of officers.

If the company does not have sufficient officers, it will be in breach of the requirements of the Corporations Act 2001.

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.