can minor be a member of the company
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
08 January 2010
i have some problem regarding minor .
can the name of minor be entered as member in the register of members of the company where the shares are transmitted to him by the death of his father who was a member of the company and his mother is appointed as a natural guardian FOR THE PURPOSE OF SHARES TRANSMITTED
can the name of minor be entered as member in the register of members of the company where the shares are transmitted to him by the death of his father who was a member of the company and his mother is appointed as a natural guardian FOR THE PURPOSE OF SHARES TRANSMITTED
08 January 2010
In case of fully-paid shares, minor's name may be admitted in the Register of members, if he happens to acquire the same by way of transfer or transmission. In Devan Singh vs Minerva Films Ltd (1956), the Punjab High Court held that there is no legal bar to a minor becoming a member of a company by acquiring shares (by way of transfer) provided the shares are fully paid up and no further obligation or liability is attached to them. Similarly, in S. L. Bagree v. Britannia Industries Ltd — 1980, CLB upheld transfer in favour of a minor.
Querist : Anonymous
Querist :
Anonymous
(Querist)
08 January 2010
Sir i m totaly satisfied with ur suggestion with legal spots .
One more thing will the share certificate be issued in the name of the minor or guardian??
THANK YOU .
One more thing will the share certificate be issued in the name of the minor or guardian??
THANK YOU .
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