Batuku Co. Ltd is a private company and accordingly- (a) the right to transfer shares is restricted in manner hereinafter prescribed; (b) the number of members of Batuku Co. Ltd (exclusive of persons who are in the employment of Batuku Co. Ltd and of persons who having been formerly in the employment of Batuku Co. Ltd were while in such employment and have continued after the determination of such employment to be members of Batuku Co. Ltd) is limited to 50.