Ch. SHAUKAT ALI NOON vs TEHZEB BAKERS (PVT — 2024 CLD 113 LAHORE-HIGH-COURT-LAHORE

Case information

Citation: 2024 CLD 113 LAHORE-HIGH-COURT-LAHORE
Court: Lahore High Court
Year: 2024
Reporter: CLD
Parties: Ch. SHAUKAT ALI NOON vs TEHZEB BAKERS (PVT

Fields are extracted from the reported citation and judgment text. Where a detail is not stated in the record, it is not shown.

Judgment text as reported

Ch. SHAUKAT ALI NOON VS TEHZEB BAKERS (PVT.) LIMITED Ss. 118 & 119---'Shareholders' and 'members'---Meaning and scope---Company consists of members, though it has its own separate legal entity and its members are the persons who constitute the company as a corporate body---In the case of a company limited by shares, the shareholders are the members---Terms "members" and "shareholders" are usually used interchangeably, being synonymous, as there can be no membership except through the medium of shareholding---Thus, in general, every shareholder is a member and every member is a shareholder---However, there may be exceptions to this statement; a person may be a holder of shares by transfer but will not become its member until the transfer is registered in the books of the company in his favour and his name is entered in the register of members---Similarly, a member who has transferred his shares, though he does not hold any shares yet he continues to be a member of the company until the transfer is registered and his name is removed from the register of members maintained by the company---In a company limited by guarantee, the persons who are liable under the guarantee clause in its Memorandum of Association are members of the company---Likewise, in an unlimited company, the members are the persons who are liable to the company, each in proportion to the extent of their interests in the company, to contribute the sums necessary to discharge in full, the debts and liabilities of the company, in the event of its being wound up.

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