https://www.taxtmi.com/caselaws?id=96679 A shareholder who accepts an allotment, pays part of the share value, acts as a member, pledges the shares, and claims dividends cannot later deny shareholder status on the basis of an alleged unmet condition precedent. The court treated the supposed condition requiring appointment as a permanent local director as either withdrawn before allotment or waived by subsequent conduct. Because the appellant had enjoyed the rights and incidents of membership, he was barred from repudiating the allotment on that ground, and the challenge failed. en-us Mon, 20 May 1935 00:00:00 +0530 Tue, 10 Jan 2012 12:42:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=96679 A shareholder who accepts an allotment, pays part of the share value, acts as a member, pledges the shares, and claims dividends cannot later deny shareholder status on the basis of an alleged unmet condition precedent. The court treated the supposed condition requiring appointment as a permanent local director as either withdrawn before allotment or waived by subsequent conduct. Because the appellant had enjoyed the rights and incidents of membership, he was barred from repudiating the allotment on that ground, and the challenge failed. Case-Laws Companies Law Mon, 20 May 1935 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=96679