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CHAPTER 8
MEMBERSHIP OF A COMPANY

THE shareholders are the members of a company. The members consist of:
1. The subscribers of the memorandum. These are deemed to have become members, and the company must, on registration, enter them in its register of members (s. 26).
2. Directors who have signed and delivered to the Registrar an undertaking to take and pay for their qualification shares. Such directors are in the same position as if they had signed the memorandum for the shares (s. 181).
3. Persons who have agreed to become members of the company,and whose names are entered in the register of members (s. 26).

Subscribers of the Memorandum.-A subscriber of the memorandum is deemed to have taken the shares set opposite his name, and an entry in the register is not necessary to make him a member of the company. It is the duty of the directors to enter his name at once in the register, and their failure to do this will not enable him to escape liability for calls.(1)
The shares must be taken direct from the company, and not by transfer from another shareholder.

Migottis' Case (1867), L. R. 4 Eq. 238. M. signed the memorandum for five shares. The company had agreed to allot shares to C., as the purchase price of property sold to the company, and C. directed the company to allot five of these shares to M. This was done and the company was afterwards wound up. Held, M. was liable to pay for the five shares for which he had signed the memorandum.

If, however, the entire share capital has been allotted to others, the subscriber is under no liability to take shares. (2)
A subscriber of the memorandum cannot rescind the contract on the ground of a misrepresentation made by a promoter, because (a) the company before it came into existence could not appoint an agent, and was therefore not liable for the promoter's acts, and (b) on signing the memorandum the subscriber became bound not only as between

1 Evans's Case (1867), L. R.
2 Ch. 427. 2 Mackley's Case (1875), l. Ch. D. 247.

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where is HTML where is HEAD where is TITLE THE shareholders are what is members of a company. what is members consist of: 1. what is subscribers of what is memorandum. These are deemed to have become members, and what is company must, on registration, enter them in its register of members (s. 26). 2. Directors who have signed and delivered to what is Registrar an undertaking to take and pay for their qualification shares. Such directors are in what is same position as if they had signed what is memorandum for what is shares (s. 181). 3. Persons who have agreed to become members of what is company,and whose names are entered in what is register of members (s. 26). Subscribers of what is Memorandum.-A subscriber of what is memorandum is deemed to have taken what is shares set opposite his name, and an entry in what is register is not necessary to make him a member of what is company. It is what is duty of what is directors to enter his name at once in what is register, and their failure to do this will not enable him to escape liability for calls.(1) what is shares must be taken direct from what is company, and not by transfer from another shareholder. Migottis' Case (1867), L. R. 4 Eq. 238. M. signed what is memorandum for five shares. what is company had agreed to allot shares to C., as what is purchase price of property sold to what is company, and C. directed what is company to allot five of these shares to M. This was done and what is company was afterwards wound up. Held, M. was liable to pay for what is five shares for which he had signed what is memorandum. If, however, what is entire share capital has been allotted to others, what is subscriber is under no liability to take shares. (2) A subscriber of what is memorandum cannot rescind what is contract on what is ground of a misrepresentation made by a promoter, because (a) what is company before it came into existence could not appoint an agent, and was therefore not liable for what is promoter's acts, and (b) on signing what is memorandum what is subscriber became bound not only as between 1 Evans's Case (1867), L. R. 2 Ch. 427. 2 Mackley's Case (1875), l. Ch. D. 247. where is meta name="keywords" content="old books, Free book , free book offer , free audio books , free coloring book pages , free book reports , free audio book , audio books free download , book free , free guest book , books free , free book summaries , download free audio books , free childrens books." where is where are they now rel="stylesheet" type="text/css" href="../../style.css" where is meta http-equiv="Content-Type" content="text/html; charset=iso-8859-1" where is BODY bgColor=#ffffff text="#000000" where are they now ="#000000" v where are they now ="#FF0000" where is div align="center" where is strong where is strong where is a href="http://www.aaoldbooks.com" Books > where is a href="../default.asp" title="Book" Old Books > where is strong where is a href="default.asp" Poetry Northwest (1959) where is table width="700" border="1" align="center" cellpadding="15" cellspacing="0" where is center where is tr where is td width="160" align="center" valign="top" where is div align="center" where is td align="center" valign="top" where is div align="left" where is div align="center" where is p align="left" Page 61 where is strong CHAPTER 8 MEMBERSHIP OF A COMPANY where is p align="justify" THE shareholders are what is members of a company. what is members consist of: 1. what is subscribers of what is memorandum. These are deemed to have become members, and what is company must, on registration, enter them in its register of members (s. 26). 2. Directors who have signed and delivered to what is Registrar an undertaking to take and pay for their qualification shares. Such directors are in what is same position as if they had signed what is memorandum for what is shares (s. 181). 3. Persons who have agreed to become members of what is company,and whose names are entered in what is register of members (s. 26). Subscribers of what is Memorandum.-A subscriber of what is memorandum is deemed to have taken what is shares set opposite his name, and an entry in what is register is not necessary to make him a member of what is company. It is what is duty of what is directors to enter his name at once in what is register, and their failure to do this will not enable him to escape liability for calls.(1) what is shares must be taken direct from what is company, and not by transfer from another shareholder. Migottis' Case (1867), L. R. 4 Eq. 238. M. signed what is memorandum for five shares. what is company had agreed to allot shares to C., as what is purchase price of property sold to what is company, and C. directed what is company to allot five of these shares to M. This was done and what is company was afterwards wound up. Held, M. was liable to pay for what is five shares for which he had signed what is memorandum. If, however, what is entire share capital has been allotted to others, what is subscriber is under no liability to take shares. (2) A subscriber of what is memorandum cannot rescind what is contract on what is ground of a misrepresentation made by a promoter, because (a) what is company before it came into existence could not appoint an agent, and was therefore not liable for what is promoter's acts, and (b) on signing what is memorandum what is subscriber became bound not only as between 1 Evans's Case (1867), L. R. 2 Ch. 427. 2 Mackley's Case (1875), l. Ch. D. 247. where is Server.Execute("_SiteMap.asp") %

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