3.5 Conversion of Private Company into Public Company

The graduation: the private company's special resolution altering the MOA (removing the private restrictions — the transfer bar, the membership cap); the fresh compliance with the publiccompany's floors (the minimum members, the directors' number, the fuller audit-and-discipline); the OCR's registration of the alteration; the consequence — the public-invitation power's opening (with the Securities Act 2063's prospectus-and-SEBON discipline if the market is courted — Unit 4.5). The conversion's drivers: capital's reach, listing's ambition, the exit's liquidity.