1. Four circumstances under which a
member of a company terminated.
(1) When he transfers his shares and the transfer is duly registered in the
books of the company.
(2) By forfeiture of shares for non-payment of calls, if articles so provide.
(3) By a valid surrender of shares.
(4) When the company sells the shares, in exercise of its right of lien over
them, by giving a 14 days notice to a debtor shareholder.
EXTRA:
(5) When a shareholder dies and his shares stand transmitted to his legal
representative, upon registration of the shares in the successor's name.
(6) When he is declared insolvent and the Official Assignee disclaims the
shares under his right of 'disclaimer of onerous property.'
(7) By repudiating the contract of membership on the ground of misrepresentation
in the prospectus or on the ground of irregular allotment.
(8) By conversion of the share certificate into share warrant, unless the
articles provide otherwise.
(9) By redemption of redeemable preference shares under Section 80.
(10) By resorting to "buyback of own shares" under Section 77A.
(11) On the dissolution of the company.
2. What is inspection register?
3. What is benami holdings?
