Corporate membership restriction bars a subsidiary from holding shares in its holding company, voiding transfers and restricting voting rights. A body corporate is prohibited from being a member of its holding company and any allotment or transfer of shares to a subsidiary is void, subject to limited exceptions: representation of a deceased member and trustee holdings where the holding company is beneficially interested other than only as security in ordinary lending. A subsidiary that was already a member may continue but generally has no voting rights; the rules apply equally to nominees, and 'shares' includes members' interests in guarantee or unlimited holding companies.