Can a trust be a member
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
05 May 2011
Under section 153, a trust cannot enter as a member in the register of members of a company. Please tell me what should be done in case of a registered trust. Does a registered trust has a separate legal entity and can it become a member in a company by its own name or should the trustees be alloted the shares.
Guest
Guest
(Expert)
09 May 2011
The Shares can't be Purchased & registered in the name of Trust if its not registered.
However, the Trust may invest in the share of the Company and the same shall only be registered in the name of Trustee.
Further, if the Trust is registered under section 12A/ 12AA of the Income Tax Act, then investment in shares is not permissible under Section 13 of the Income Tax Act for availing the exemption benefit.
However, the Trust may invest in the share of the Company and the same shall only be registered in the name of Trustee.
Further, if the Trust is registered under section 12A/ 12AA of the Income Tax Act, then investment in shares is not permissible under Section 13 of the Income Tax Act for availing the exemption benefit.
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