In 2005, the Base Realignment and Closure. Commission (BRAC) mandated consolidation of these. 2 institutions into a new Walter Reed National Military. Medical Center that would be constructed onthe grounds. of the National Naval Medical Center in Bethesda, Maryland.' This new medical facility is intended to pro-.
proprietary companynoun [ C ] uk â us â. âº a company that owns enough shares of another company to control it: Mutuals delivered better returns than proprietary companies. âº LAW in Australia, New Zealand, and South Africa, a type of limited company (= one whose owners only have to pay part of the money they owe if it fails).
A corporation is defined as a separate legal entity created by charter, prescription or legislation. Australian law, like English law, recognises a kind of corporation called the corporation sole. However, there are few cases of such corporations, the corporation sole is excluded from the Australian statutory definition of corporation. A proprietary company, under CA 2001 s 45A is one which has the suffix Pty Ltd, and is not allowed to raise capital on the public equity markets.