A member of a company has a number of rights vis-a-
vis the company.
These are conferred on him either by the Act or by the Articles of the company.
Some of the most important rights of a member are:
(i) To have
the certificate of shares held ready for delivery to him within three months
from the date of allotment;
(ii) To
have his name entered in the register of members if it had not been entered or has
been wrongly removed;
(iii) To
transfer shares subject to the provisions of the Act and the articles;
(iv) To
receive notices of meetings, to attend meetings and to vote threat (either in person
or by proxy);
(v) To
inspect the register of members and register of debenture holders and get extracts
there from (s.163);
(vi) To
obtain copies of memorandum and articles on request and payment of the prescribed
fees;
(vii) To
have the first option to buy any new shares on a further issue of shares by the
company (s.81);
(viii) To
participate in the election of directors and appointment of auditors;
(ix) To get
a copy of the balance sheet and profit and loss account 21 days before the
Annual General Meeting;
(x) To
apply to the Court to have any "variation of shareholders' rights"
set aside (s.106);
(xi) To
obtain, on request, minutes of proceedings at general meetings (s.196);
(xii) To
participate in the removal of directors by passing an ordinary resolution (s.284);
(xiii) To
petition to the Court for prevention of mismanagement and oppression (s.399);
(xiv) To petition to the Court for an order of injunction restraining the directors from going ahead with an ultra virus act;
(xv) To
petition for compulsory winding up;
(xvi) To
participate in passing a special resolution for voluntary or compulsory winding
up;
(xvii)
To participate in the surplus assets, if any, on the liquidation of the
company.
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