Minor as a member of company

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sateesh kumar (Querist)

11 April 2015 Hi,

Can a minor be a member of a company under Companies Act 2013? What are conditions for a minor to become member of a Company??

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)

11 April 2015 A minor cannot become a member directly in a company and the name of his guardian can alone appear in the register of members. A minor is incapacitated by law to enter into a Contract and therefore he can not become a member in the company.

Section 2(55) “member”, in relation to a company, means—
(i) the subscriber to the memorandum of the company who shall be deemed to have agreed to become member of the company, and on its registration, shall be entered as member in its register of members;
(ii) every other person who agrees in writing to become a member of the company and whose name is entered in the register of members of the company;
(iii) every person holding shares of the company and whose name is entered as a beneficial owner in the records of a depository;

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sateesh kumar

sateesh kumar (Querist)

13 April 2015 Is there any change as per new Companies Act, 2013. Or it is same as it was in Companies Act, 1956?

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)

13 April 2015 Section 2 (55) quoted above is of Companies Act 2013.

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