(13)“Private company which” means a Company which(i)by its articles:-(a)restricts the right to transfer its shares; and(b)limits the number of its members (exclusive of persons who are in the employ of the company) to fifty; and the(c)prohibits any invitation to the public to subscribe for shares or debentures of company :and(ii)continues to observe such restrictions, limitations and prohibitions:Provided that where two or more persons hold one or more shares in a company jointly they shall, for the purposes of this definition, be considered as a single member;
