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प्रश्न
Explain the following Term/Concept.
Eligibility of Membership
उत्तर
(1) The membership of a company is based on the written agreement between the member and the company. Since the membership is based on agreement (i.e. contract), it is necessary that the person must be competent to contract according to the provisions of the Indian Contract Act, 1872. Under Section 11 of the Contract Act, every person is competent to contract, who is of the age of majority and who is of sound mind and is not disqualified from contracting by any law to which be subject.
(2) Subject to the provisions of the Companies Act, Memorandum and Articles of the company any person is eligible to become a member of the company as follows:
(a) Individuals: A minor, insolvent, and insane/lunatic are not eligible to become a member. A foreigner can be a member of the company subject to provisions of FEMA. 1999.
(b) Organisation: Company, Co-Operative Society, Limited Liability Partnership. Karta of Hindu Undivided Family (HUF) and individual partners of a Partnership firm are eligible for membership in a company.
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संबंधित प्रश्न
Study the following case/situation and express your opinion.
Mrs. & Mr. A works in a Bank. They have a daughter named Ms. 2 who is 11 years old:
(a) Can Mrs. &Mr. A invests in shares of the company? (b) Can they buy shares in the name of their daughter Ms. Z?
(c) Justify your answer in (a) & (b) in one sentence only.
Study the following case/situation and express your opinion.
M/s. ABC is a partnership firm owned by Dr. A. Dr. B and Dr. C. The doctors want to invest the profits of ABC in the shares of a company:
(a) Can M/s ABC buy the shares of the company?
(b) Can profits of M/s. ABC be invested in shares held in the names of Dr. A or Dr. B or. Dr. C?
(c) Are the doctors eligible to invest in shares of the company?
Study the following case/situation and express your opinion.
ZEN Limited has some investible in profits. Please guide ZEN Limited with respect to the following:
(a)Can ZEN Limited invest in the share of itself?
(b)Can ZEN Limited invest in the Shares of TEN Limited?
(c) Justify your answers in (a) & (b) in one sentence only.
Answer in brief:
State any four ways of acquiring membership of a company.
Justify the following statement.
Co-operative Society is eligible to be a member of the company.
Answer the following question:
Explain the eligibility of memberships of a company.
