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Section 19
what if subsidiary company receive share as legal representative from non deceased member ???
Replies (2)
Quick Summary
As per my knowledge a subsidiary is allowed to hold shares as the legal representative of a deceased member of the holding co. by virtue of first proviso to sec. 19
Exceptions applicable to subsidiary company to not to hold shares in its holding Company:
[a] where the subsidiary company holds such shares as the legal representative of a deceased member of the holding company; or
[b] where the subsidiary company holds such shares as a trustee; or
[c] where the subsidiary company is a shareholder even before it became a subsidiary company of the holding company:
If subsidiary company receive shares as legal representative from non deceased member it is not allowed.
[a] where the subsidiary company holds such shares as the legal representative of a deceased member of the holding company; or
[b] where the subsidiary company holds such shares as a trustee; or
[c] where the subsidiary company is a shareholder even before it became a subsidiary company of the holding company:
If subsidiary company receive shares as legal representative from non deceased member it is not allowed.
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