LAWS2014 Lecture Notes - Lecture 4: Reasonable Time, Natural Person, Derivative Suit
Document Summary
Members are the ultimate owners or proprietors of the company. In a company limited by shares, they are the shareholders. Shareholders are the second organ of the company". However, children can hold shares for their benefit. A person becomes a member on registration of the company (s231(a)). The members must be named and consent to becoming members in the registration application (s 120). A person becomes a member after they agree to become a member and their name is entered in the register of members (s 231(b)). Apply to receive an issue of shares. Transfer of shares from another shareholder (off-market transfer) Chess = electronic share transfers on asx. {a register of members must be kept: s 168 ca} Vest in the trustee in bankruptcy: bankruptcy act 1966 (cth) A shareholder dies without a valid will. Those attaching to classes (possibly including the replaceable rule in s. 250e giving voting rights; or the right to dividends);
