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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
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 |
Write a word or a term or a phrase which can substitute the following statement:
Becoming a member of a company.
Write a word or a term or a phrase which can substitute the following statement:
The subscribers of this document are considered as Members of the company.
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:
Limited Liability Partnership cannot 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 | ___________ |
Select the correct option form the bracket.
| Group A | Group B |
| ___________ | Can hold shares in the name of partners |
Correct the underlined word and rewrite the following sentence:
A Minor can be a member of a company.
Explain the following Term/Concept.
Member
Explain the following Term/Concept.
Transmission of Shares
Justify the following statement.
Nominee of the member of OPC becomes its member of the death of the member.
Justify the following statement.
Members of company are entitled to several rights.
Justify the following statement.
Transfer of shares results in termination of membership.
Answer the following question:
Explain the circumstances when Member is not a shareholder and vice-versa.
