a shareholder can get back the money paid to the company under an ultra vires allotment of shares.A transferee of shares from him would not have been so allowed.
what does the above 2nd sentence mean??
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Replies (3)
transferee means that person who has received the shares from transferor
means,if u r a shareholder (where company had initially alloted you shares), you can sue the company in case of ultra vires allotment.
but if you transfer that shares to someone,
(he is called transferee) ,the same he cannot sue the company .
but if you transfer that shares to someone,
(he is called transferee) ,the same he cannot sue the company .
yes transferor and transferee may not have Bonafide intention
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