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Question
Answer in one sentence:
Which individuals cannot become a member of a company?
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Solution
Individuals like minor, insolvent person, insane/lunatic person and Foreigner (if the provisions of the Foreign Exchange Management Act, 1999 do not allow to become a member) cannot become a member of the company.
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RELATED QUESTIONS
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When a person buys shares of a company by filling up an application form, the person becomes a member by _________.
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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 |
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Limited Liability Partnership cannot be a member of the company
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Members of the company can attend general and Board meetings of the company.
State whether the following statement is True or False:
Karta of HUF can be a member of the company.
State whether the following statement is True or False:
Member of the company is conferred with several rights.
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A person whose name is entered in the Register of Members of a company is called __________
Select the correct option form the bracket.
| Group A | Group B |
| Minor | ___________ |
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| Group A | Group B |
| ___________ | Can hold shares in the name of partners |
Correct the underlined word and rewrite the following sentence:
Partnership Firm can be a member of a company.
Justify the following statement.
Member and Shareholder are interchangeable terms.
Justify the following statement.
Insolvent person ceases to be the Member of the company.
Justify the following statement.
Subscribers to Memorandum of Association are the first members of the company.
Justify the following statement.
Members of the company have some fundamental corporate decision-making rights.
