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Membership in a company

This query is : Resolved 
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(Querist)
10 December 2010 Dear Friends

A partnership firm is not entititled to be a member of a company since it is not a legal person. The DCA has already issued
a clarification to that effect. Is there
any other way by which a partnership firm
can subscribe for the shares in a company.
Is there any case law in support of this.

Santhosh
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Ajay Mishra

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Ajay Mishra (Expert)
11 December 2010 Dear Friend

Section 41(2) provides that only a person can be member of a company who has agreed in writing to become a member and whose name is entered in the register of members.

As per Department’s Circular No. 4/72, dated 9-7-1972, it has been clarified that “a firm” not being a person, can not be registered as a member of a company.

I think a partnership can not be a member of the company.

Regards
CS Ajay Mishra
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