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Question
Justify the following statement.
Nominee of the member of OPC becomes its member of the death of the member.
Solution
(1) According to Section 2 (62) of the Companies Act, 2013, a company which has only one person as a member called One Person Company (OPC). It is a private company. It is managed, operated, and controlled by a single promoter or member who has limited liability. According to the provisions made in the Act, either at the time of its formation or at the time of joining as a member. the promoter or member is required to record and register his nominee’s name in the Memorandum of the one-person company.
(2) In the event of death or lunacy or insanity of the member of OPC, the nominee whose name is mentioned in Memorandum becomes the sole owner and manager of OPC.
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