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15 July 2010 The article of a company provides that if a member becomes insolvent, his shares were to be sold to a nominee of the company at a fixed price. Is the provision binding of all members? whether the trustees on bankrupcy can claim the shares?
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Rasesh

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Rasesh (Expert)
16 July 2010 In my view, this should be read as an enabling clause which provides an easy exit to the shareholder in case he requires funds. A member cannot be forced to surrender his shares of the Company, if he becomes insolvet.
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