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Membership of Company

Membership of Company. “The signatories to the memorandum of association are deemed to be the members of a company and, after the company’s incorporation, their names are listed as members in the company’s register of members”. Test of Membership.

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Membership of Company

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  1. Membership of Company • “The signatories to the memorandum of association are deemed to be the members of a company and, after the company’s incorporation, their names are listed as members in the company’s register of members”.

  2. Test of Membership • Any person who is a signatory to the company’s memorandum shall be deemed to be member. • For a person other than a signatory to the memorandum, it is necessary that he gives his written consent to become a member and that his name is entered in the company’s register of members.

  3. Who Can Become a Member? • Individual • Partnership firm • Joint Hindu Family • Company • Registered Society • Married • Joint Holders

  4. Ways of Acquiring Membership • By Subscribing to the Memorandum • By Application and Allotment • By Agreeing to Purchase Qualification Shares • By Transfer of Shares • By Transmission of Shares or Succeession • By Holding out or Doctrine of Estoppel • By Surrendering Share Warrant • Membership by Loan

  5. Termination of Membership • Transfer of Shares • Forfeiture of Shares • Valid Surrender of Shares • Death of Member • Insolvency of Member • Exercise of Lien • Decree of the Court • Redemption of Preference Shares • Winding Up of Company

  6. Rights of Members • Individual Rights of Members • Right to Transfer Shares • Right to Inspect Certain Books • Right to Obtain Copies • Right of Pre-emption • Right Regarding Meetings • Right to Nominate for Appointment of Auditor • Right to Apply for Appointment of Liquidator • Right of Application to National Company Law Tribunal 2. Collective Rights of Members • Rights Enforceable by Simple Majority • Rights Enforceable by definite Majority • Rights of Minority Members • Documentary Rights • Legal Rights

  7. Liabilities of Members • Liability to Pay the Price of Shares • Liability in Unlimited Company • Liability in Company Limited by Guarantee • Liability in Case of Reduction of Members below Minimum • Liability on Transfer • Liability on Winding Up of Company • Liability as Member • Increasing the Liability with the Consent of Members • Taking Shares in Fictitious Name

  8. Thanks…

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