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प्रश्न
Justify the following statement.
Insolvent person ceases to be the Member of the company.
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उत्तर
A person having insufficient assets to meet debts and liabilities is called an insolvent. It is illegal for an insolvent person to enter into any contract or agreement with another person. When a member of a company is declared by the court of law as insolvent. His official receiver or assignee transfers his shares in favour of his creditor in settlement of his debts. On such transfer of shares, the membership of the insolvent member is terminated. Thus, an insolvent person ceases to be a member of the company.
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संबंधित प्रश्न
Select the correct answer from the options given below and rewrite the statement:
A person can be called as a Member when the name is entered in ________
Select the correct answer from the options given below and rewrite the statement:
A _______ cannot be a member of a company.
Select the correct answer from the options given below and rewrite the statement:
When a person buys shares of a company by filling up an application form, the person becomes a member by _________.
Select the correct answer from the options given below and rewrite the statement:
____________ means a person ceases being a member of the company of membership.
Match the pairs:
| Group ‘A’ | Group ‘B’ |
| a) Insane person | 1) Transfer of shares by operation of law |
| b) Foreigner | 2) Cannot be a member |
| c) Transmission of shares | 3) Cessation of membership |
| d) Surrender of shares | 4) To get copies of Auditor’s, Directors’ Report, etc. |
| e) Right of Members | 5) Can be a Member |
| 6) To attend a board meeting | |
| 7) Duties of member | |
| 8) Surrendering all assets to the company | |
| 9) Demand or claim money from the company | |
| 10) Transfer of shares by order of Secretary |
State whether the following statement is True or False:
Both, individuals and body corporate can be members of the company.
State whether the following statement is True or False:
Legal competency to enter into contracts is one of the criteria to become a member of the company.
State whether the following statement is True or False:
Limited Liability Partnership cannot be a member of the company
State whether the following statement is True or False:
Karta of HUF can be a member of the company.
Complete the sentence:
A person whose name is entered in the Register of Members of a company is called __________
Complete the sentence:
In case of death or insolvency of a member, he will cease to be a __________
Complete the sentence:
Members have a right to appoint and remove the __________
Select the correct option form the bracket.
| Group A | Group B |
| Minor | ___________ |
Select the correct option form the bracket.
| Group A | Group B |
| Co-operative | ___________ |
Correct the underlined word and rewrite the following sentence:
Partnership Firm can be a member of a company.
Explain the following Term/Concept.
Transmission of Shares
Justify the following statement.
A Foreigner can invest in shares of an Indian company.
Justify the following statement.
Subscribers to Memorandum of Association are the first members of the company.
Justify the following statement.
Transfer of shares results in termination of membership.
