Producer Company formation: eligibility, registration and limited liability with private-company status upon compliance and approval. Formation of a Producer Company requires specified minimum producer membership and compliance with registration requirements; the Registrar shall register and issue a certificate of incorporation within thirty days if requirements are met. The company's members have liability limited to unpaid amounts on their shares and the entity is a body corporate treated as a private limited company under this Part, prohibited from being deemed a public limited company. Promoters may be reimbursed for direct promotion and registration costs subject to approval at the first general meeting.