(1) For the purposes of section 1040 (companies authorised to register under this Act) “joint stock company” means a company—
(a) having a permanent paid-up or nominal share capital of fixed amount divided into shares, also of fixed amount, or held and transferable as stock, or divided and held partly in one way and partly in the other, and
(b) formed on the principle of having for its members the holders of those shares or that stock, and no other persons.
(2) Such a company when registered with limited liability under this Act is deemed a company limited by shares.
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