MEMBERSHIP. — SPCC STD 12 Commerce — Question

INTRODUCTION: -The company is a synthetic person existing by law.

• Who enjoys the right to live like a person by law.
• Legally, any unit having an independent existence and personalities can receive membership of the company.
• Qualifications or disqualification have not been mentioned about who can get the membership in the company act.
• But it is necessary to comply with the provisions made in the regulation.
• The following person or organization can be included to get the membership of the company.

1. Living person: - The Company’s membership is obtained through a contract between the person and the company.

• Therefore, a living person capable of making the contract can be a member of the Indian Contract Act.
• A person who is unable to contract cannot be a member. E.g: - A person with a serious, bankrupt, unstable brain.
• Under the Indian law, in some circumstances, an exception has been accepted in respect of minority, so it can become a member.

2. Generation Partners: - "Partner", "Partnership" and "Partnership Firm" have all three different positions.

• Because the partnership firm is not a 'person' in line with the law, it cannot be a member, but the firm's partners can gain membership of the company individually or jointly.

3. Hindu Undivided Family: In the Hindu Undivided family, only the family can get the membership of the company by purchasing shares in their own name or joint name.
4. Trust: - As per new company, any trust can become a member by purchasing share of the company and receive membership.
5. Foreign Person: Any other person in the country can be a member of the Indian company, but when a person is in the enemy country when a war situation or emergency is declared in India, its membership and rights from the company are postponed.
6. Joint Stock Holder: - When two or more persons jointly write the company's shares in the company's name, they are written jointly.

• Individual and joint liability arising out of the person's name as mentioned in it.
• The company corresponds to the name of the first person whose name is first for executive simplicity.
• Notice, a Dividend Warrant, Circular, Document, Share certificates are sent to the same address.

7. Company: - Membership can be obtained as being separate and independent artificial person existed by company law.

• The company can obtain membership of another company in accordance with its own regulation.
• The following provisions are required to be complied with.
• The company can get a membership of another company in relation to its own regulation.
• A minor company cannot get the membership of its firm, but in the case of the following exceptional circumstances, the company can get a membership of the company.

1. When a member of the Holding company dies and the subsidiary companies are assessed as legitimate representatives.......
2. When a subsidiary company holds a trustee of any meeting and does not have any interest in such trust.....
3. When the law enforcement company first establishes the relationship between the companies, after establishing the membership of a subsidiary of a subsidiary company......

8. Other Institutions: The institutions registered under government societies or other laws registered under government law can become a member of the company's share purchase, according to the provisions of their constitution.

Conclusion: -All these above prove that all living entities, generation partners, Hindu Undivided family, Foreign Individuals with joint share, company, and other organizations can get the membership of the company.