Law: Companies Ordinance, 1984

Section: 2

(a) Companies Ordinance (XL VII of 1984)---S.2(21)--- Member"---Definition---Definition of "member" as provided in S.2(21), Companies Ordinance, 1984 specifies the attributes that qualify a person to be a member of a Company. Muhammad Anwar Monoo v. Muhammad Waqas Manoo 1997 CLC 1943 and Pennington's Company Law Fifth Edition, Butterworths 1985 ref. (b) Islamic La w--- ----Inheritance---Devolution of property forming the estate of a deceased to his heirs in their ordained shares occurs automatically at the moment propositus dies. Pennington's Company Law Fifth Edition, Butterworths 1985 ref. (c) Companies Ordinance (XL VII of 1984)---Ss.2(21), 31, 302 & 152---Petitioner, whose legal title of shares of the Company had passed to him on the demise of Chief Executive of the Company through inheritance as one of the heirs, in his petition under S. 152, Companies Ordinance, 1984 had sought the setting aside of transfer of shares made by Chief Executive, of a family owned private limited Company, in favour of persons who, at that point of time were non-members of the Company---Petitioner had asserted that such transfers were in violation of the Company's Articles of Association which conferred a right upon its members to pre-empt transfer of shares of the Company proposed in favour of non-members---Question with reference to the present controversy was whether and if so, what member's rights had created such a legal interest for the petitioner---Held, reliance on the provisions of Ss. 31 & 302, Companies Ordinance, 1984 by the petitioner was analogically inappropriate and petitioner could not benefit from the rule expressed by Ss. 31 & 302 of the Ordinance---Petitioner was claiming entitlement to a member's right as a legal heir of a deceased member rather than seeking to assume obligations of deceased member---In the absence of clear statutory intendment to the contrary, the express requirements of S.2(21), Companies Ordinance, 1984, setting out the essential attributes of a member, could not, therefore, be disregarded---In order to become a member of a Company, a holder of the shares of such a Company must also have his name entered on the register of…

Deprecated: trim(): Passing null to parameter #1 ($string) of type string is deprecated in /home/digixyei/sldsystempk.com/view/master-layout/view_case.php on line 492