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Termination of Membership - Members & Shareholders, Company Law | Company Law - B Com PDF Download
Cessation of Membership
A person may cease to be a member of a company :
- If he transfers his shares to another person.
- By the sale of his shares by the company in exercise of right of lien over his shares.
- By forfeiture of his shares;
- By a valid surrender of his shares.
- 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.
- By his insolvency.
- By his rescission of contract to take shares on the ground of misrepresentation or fraud.
- By the winding-up of the company, of course he remains liable as a contributory.
- By redemption of redeemable preference shares.
- By issue of share warrants to him in exchange of fully paid shares.
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FAQs on Termination of Membership - Members & Shareholders, Company Law - Company Law - B Com
| 1. What is the process for terminating membership in a company? |  |
Ans. The process for terminating membership in a company typically involves following the guidelines set forth in the company's articles of association or bylaws. This may include submitting a written request to the board of directors, attending a shareholders' meeting, or obtaining a specific number of votes from other shareholders. It is important to consult the company's governing documents and seek legal advice to ensure compliance with the applicable laws and regulations.
| 2. Can a member be terminated from a company against their will? | |
Ans. In general, a member cannot be terminated from a company against their will unless there are specific provisions in the company's articles of association or bylaws that allow for such termination. These provisions may include situations where a member violates certain obligations or fails to meet specific criteria set by the company. It is crucial to review the company's governing documents to understand the circumstances under which termination can occur.
| 3. What happens to a member's shares upon termination of their membership? | |
Ans. The fate of a member's shares upon termination of their membership depends on the company's governing documents and applicable laws. In some cases, the terminated member may be required to sell their shares back to the company or to other shareholders at a predetermined price or based on the fair market value. Alternatively, the terminated member's shares may be transferred to the remaining members or sold to third parties. It is advisable to consult legal counsel to understand the specific provisions related to share ownership and transfer in the given company.
| 4. Can a terminated member take legal action against the company? | |
Ans. A terminated member may have the right to take legal action against the company if the termination is deemed to be unfair, unlawful, or in violation of the company's governing documents. This could include claims such as breach of contract, breach of fiduciary duty, or discrimination. However, the specific legal recourse available to a terminated member will depend on the jurisdiction and the circumstances surrounding the termination. It is advisable to consult with a lawyer specializing in company law to assess the viability of any potential legal action.
| 5. Is there a difference between termination of membership and withdrawal from a company? | |
Ans. Yes, there is a difference between termination of membership and voluntary withdrawal from a company. Termination of membership typically occurs when a member is involuntarily removed from the company due to the violation of certain obligations or other specified reasons outlined in the company's governing documents. On the other hand, voluntary withdrawal refers to a member's decision to leave the company voluntarily, often by providing notice to the board of directors or other shareholders. The specific rights and obligations associated with termination and withdrawal may vary, so it is important to review the company's governing documents to understand the implications of each.
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