Which of the following is incorrect?

a. Proprietary companies must not engage in any activity that would require disclosure to investors under Chapter 6D except for the two exceptions listed in section 113(3) of theCorporations Act 2001(Cth).

b. Both public and proprietary companies must have at least one member.

c. Public companies must list on a stock exchange

d. No liability companies MUST have a constitution.

e. Large proprietary companies are required to prepare annual financial reports.