https://www.taxtmi.com/caselaws?id=96986 An agreement to take qualification shares did not by itself make the defendant liable as a member. Membership under the Companies Act required both an agreement to become a member and entry of the name in the register of members, with the shares properly identified by distinctive numbers. The plaintiffs' records did not satisfy these statutory requirements, so no enforceable liability arose for the share price. The alternative reliance on alleged allotments and forfeiture also failed on the facts. The suit was therefore not maintainable and was dismissed with costs. en-us Mon, 22 Mar 1948 00:00:00 +0530 Fri, 13 Jan 2012 15:24:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=96986 An agreement to take qualification shares did not by itself make the defendant liable as a member. Membership under the Companies Act required both an agreement to become a member and entry of the name in the register of members, with the shares properly identified by distinctive numbers. The plaintiffs' records did not satisfy these statutory requirements, so no enforceable liability arose for the share price. The alternative reliance on alleged allotments and forfeiture also failed on the facts. The suit was therefore not maintainable and was dismissed with costs. Case-Laws Companies Law Mon, 22 Mar 1948 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=96986