SECTION 41

DEFINITION OF MEMBER

Whether firm can be registered as member of a company

A firm, not being a person, cannot be registered as a member of company except where the company is licensed under section 25, Companies which have firms registered as shareholders should be advised to take steps to rectify the position within a specified time. In case the irregularity, persists, despite a warning, necessary action can be taken under section 150(2).

CIRCULAR NO.4/72, DATED 9.3.1972.