Question Tag: Membership

a) Who is a member of a company?
A member of a company is any person who has subscribed to the regulations of the company and has his name entered into the register of the company.
Any shareholder of the company who owns at least one share in the company.
(5 Marks)

b) Commercial duties of a liquidator appointed by the members of a company:
i) Duty to vest in the liquidator by notice in the Gazette that all properties of the company shall vest in him.
ii) Duty to sell the assets so that the monies so realized could be used for distribution to creditors.
iii) Duty to verify debts by meeting with creditors to proof their claim.
iv) Duty to amend or alter claim or rectify admitted values or amounts.
v) Determine the priority of debt so the most priority debts are settled first.
vi) Duty to consult creditors and members to discuss relevant matters.
(3 Marks each for any five points)