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Mimor be member

Dharshana Dhadju (8 Points)

22 October 2019

can shares be transferred to minor.is it valid?

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Bharat Bohra (306 Points)
Replied 23 October 2019

The Co law board has laid down in Nandita Jain vs Bennet Coleman Pvt Ltd that a minor can become Member provided four conditions are fulfilled:-
1. co must be co ltd by shares
2. shares are Fully paid up
3. application for transfer is made on behalf of minor by lawful gaurdian
4. the transfer is manifestly for the benefit of minor

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