May 19th, 2015
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American Commercial College - Abilene
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JMATHUCOMPANY MEMBERSHIP AND SECURITIESCONTENTS1.COMPANY MEMBERSHIP Meaning of memberMethods of becoming a memberCessation of membershipWho may become a member?Register of membersAnnual Return2.COMPANY SECURITIESSharesTransfer of sharesMortgage of sharesCalls on sharesLien on sharesBorrowing by companies3.DEBENTURESDefinitionDebentures and debenture stockIssue of debenturesDebenture certificatesDebenture trust deedPriority of chargesRegistration of charges1.COMPANY MEMBERSHIP1.1Definition of memberAlthough the marginal note to section 28 is "definition of member", the section does not define the word "member". Rather, it states the two basic ways in which a person may become a member of a company, namely(a)by subscribing the memorandum of the company, or(b)by agreeing to become a member and the entry of his name in the company's register of members.1.2Methods of becoming a memberA person may become a member of a company in one or other of the following ways:i.Subscribing to the MemorandumS.28 (1) provides that the subscribers to the Company's memorandum shall be deemed to have agreed to become members of the Company, and on the registration of the memorandum shall have their names entered in the company's register of members.The provision regarding entry in the register is an administrative directive for the company's implementation and non-compliance with it does not affect the pre-existing membership.ii.

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