17.2.1 INTRODUCTION
A nonprofit company under the act is the equivalent of an “association” not for gain referred to as a Section 21 company under the old Act. Fundamentally the principals are the same except in two aspects:
· A nonprofit company may have members and;
· A nonprofit company is not a public company as it was under the old Act. It is now a unique company.
Nonprofit companies or NPC’s are governed mainly by s 10 and Schedule 1 of the new Act. One of the stated purposes is to provide for formation, operation and accountability of nonprofit companies in a manner to design, promote, support and enhance the capacity of nonprofit companies to perform their functions.