A company which has 51 or more members is deemed to be a public company.

A private company is a company which is not a public company but if it should make an invitation to the public to acquire or apply for any shares and debentures issued by it, or interest in any such shares or debenture, or rights to acquire any of the foregoing, it will become a public company even if it has fewer than 51 members unless such an invitation is addressed exclusively to a restricted circle of persons.