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reduction of membership below the limit
can somebody plz tell the provisions regarding reduction of membership below Statutory limit in both public and private companies.
Replies (2)
In such case company should increase the minimum number of members in order to comply with the section 3(1) of the companies act 2013
No legal consequences of number of members falling below the minimum number is provided in the act,
However, It is proposed that Every person who is a member of the company during the time that it so carries on business after those six months and is cognisant of the fact that it is carrying on business with less than the prescribed number of members shall be severally liable for the payment of the whole debts of the company contracted during that time, and may severally sued thereof. .
No legal consequences of number of members falling below the minimum number is provided in the act,
However, It is proposed that Every person who is a member of the company during the time that it so carries on business after those six months and is cognisant of the fact that it is carrying on business with less than the prescribed number of members shall be severally liable for the payment of the whole debts of the company contracted during that time, and may severally sued thereof. .
In such case company should increase the minimum number of members in order to comply with the section 3(1) of the companies act 2013
No legal consequences of number of members falling below the minimum number is provided in the act,
However, It is proposed that Every person who is a member of the company during the time that it so carries on business after those six months and is cognisant of the fact that it is carrying on business with less than the prescribed number of members shall be severally liable for the payment of the whole debts of the company contracted during that time, and may severally sued thereof. .
No legal consequences of number of members falling below the minimum number is provided in the act,
However, It is proposed that Every person who is a member of the company during the time that it so carries on business after those six months and is cognisant of the fact that it is carrying on business with less than the prescribed number of members shall be severally liable for the payment of the whole debts of the company contracted during that time, and may severally sued thereof. .
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