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of <h1>Amendment to Section 366 reduces minimum members for company formation from seven to two; new private company rule added.</h1> Section 366 of the principal Act has been amended by the Companies (Amendment) Act, 2017. The amendment changes the requirement from 'seven or more members' to 'two or more members' for certain company formations. Additionally, a new clause specifies that a company with fewer than seven members must register as a private company.
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