Private Trust be shareholder
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
14 October 2010
Dear Sir;
Fact of the case
One of my client expired leaving behind will stating that all the shares in private limited company as well as public limited company own by him should be transferred to a private trust which is to be formed as per his will.
Query
1) Whether a private trust can be a shareholder in private limited company.
2) If so what procedure the pvt ltd company has to follow in regards to above.
Fact of the case
One of my client expired leaving behind will stating that all the shares in private limited company as well as public limited company own by him should be transferred to a private trust which is to be formed as per his will.
Query
1) Whether a private trust can be a shareholder in private limited company.
2) If so what procedure the pvt ltd company has to follow in regards to above.
Ajay Mishra
(Expert)
14 October 2010
Dear Friend
Society/Trust as a member
Department Clarification- A society registered under the Society Registration Act, 1860 should not be deemed to be a ‘body corporate’ within the meaning of the section 2(7) of the Companies Act, although such a society can be treated as a ‘person’ having separate legal entity apart from the members constituting it and thereby capable of being a member of a company under section 41(2) of the Companies Act, 1956. [Circular Letter, dated-24-11-1962]
Regards
CS Ajay Mishra
Society/Trust as a member
Department Clarification- A society registered under the Society Registration Act, 1860 should not be deemed to be a ‘body corporate’ within the meaning of the section 2(7) of the Companies Act, although such a society can be treated as a ‘person’ having separate legal entity apart from the members constituting it and thereby capable of being a member of a company under section 41(2) of the Companies Act, 1956. [Circular Letter, dated-24-11-1962]
Regards
CS Ajay Mishra
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