Section 302, The Companies Act, 2009

(1) In this Part and in Part XIII, a company qualifies as asmall company in a year if for that year the following conditions are satisfied:– (a) it is a private company having a share capital; (b) the amount of its turnover for that year is not more than such amount as may be fixed by the Commission; (c) the value of its net assets is not more than such amount as may be fixed by the Commission; (d) none of its members is a non-citizen of Sierra Leone; (e) non of its members is a Government or public corporation or agency or its nominee; and (f) the directors between them hold not less than 51 percent of its equity share capital. (2) In applying subsection (1) to a period which is a company’s year but not in fact a year, the maximum figure for turnover in paragraph (b) of that subsection shall be proportionately adjusted.