Membership in a company defines member status, rights, registers, and potential unlimited liability if minimum membership lapses. A company's member includes memorandum subscribers, written applicants for shares, transferees, and depository-recorded beneficial owners; subscribers are entered as members on registration. Statutory minimum membership (seven for public, two for private) must be maintained or members may incur unlimited liability if shortfall persists while business continues. Private companies face a maximum membership limit excluding employee-members. Cessation events, criminal penalty for personation, register and index maintenance, inspection rights, and members' rights to financial information, meeting notices, and voting are specified.
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Provisions expressly mentioned in the judgment/order text.
Membership in a company defines member status, rights, registers, and potential unlimited liability if minimum membership lapses.
A company's member includes memorandum subscribers, written applicants for shares, transferees, and depository-recorded beneficial owners; subscribers are entered as members on registration. Statutory minimum membership (seven for public, two for private) must be maintained or members may incur unlimited liability if shortfall persists while business continues. Private companies face a maximum membership limit excluding employee-members. Cessation events, criminal penalty for personation, register and index maintenance, inspection rights, and members' rights to financial information, meeting notices, and voting are specified.
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