Termination of Membership - Members & Shareholders, Company Law B Com Notes | EduRev

Company Law

Created by: Arshit Thakur

B Com : Termination of Membership - Members & Shareholders, Company Law B Com Notes | EduRev

The document Termination of Membership - Members & Shareholders, Company Law B Com Notes | EduRev is a part of the B Com Course Company Law.
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Cessation of Membership

A person may cease to be a member of a company :

  1. If he transfers his shares to another person.
  2. By the sale of his shares by the company in exercise of right of lien over his shares.
  3. By forfeiture of his shares;
  4. By a valid surrender of his shares.
  5. By the death of a member. The estate of the deceased remains liable until the shares are registered in the name of his legal representative.
  6. By his insolvency.
  7. By his rescission of contract to take shares on the ground of misrepresentation or fraud.
  8. By the winding-up of the company, of course he remains liable as a contributory.
  9. By redemption of redeemable preference shares.
  10. By issue of share warrants to him in exchange of fully paid shares.
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