Firm membership restriction: firms cannot be registered as company members except where statutory licensing applies, and corrective action may follow. A firm is not a person and therefore cannot be registered as a company member except where a statutory licensing exemption applies; companies with firms recorded as shareholders must be directed to rectify the irregularity within a specified time and, if they fail to do so after warning, may be subjected to enforcement under the relevant statutory provision allowing corrective action.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Firm membership restriction: firms cannot be registered as company members except where statutory licensing applies, and corrective action may follow.
A firm is not a person and therefore cannot be registered as a company member except where a statutory licensing exemption applies; companies with firms recorded as shareholders must be directed to rectify the irregularity within a specified time and, if they fail to do so after warning, may be subjected to enforcement under the relevant statutory provision allowing corrective action.
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