Exchange Management Act, 1999, but in tile event of a war

with his country, he becomes an alien enemy and his rights as a member’ of the company are suspended.

7. Trustee. A ‘trustee’ is a person who holds the shares for the benefit of another person. A trustee can be a member in his own name, and not as a

trustee for another’s. This is so because his name will appear in the register of members and the company will not register the fact that the

In the case of a Private Company Joint holders are treated a. a sing).:: member (S.::ction 3 (i) (ili)].

shares are held on behalf of another. Thus, a trustee will be a member in his individual capacity and wiII be responsible for making the payment of calls

due on the shares held by him (Section 153).

8. Insolvent. An insolvent may be a member of a company. So long as his name appears in tlle register of members, he is a member and is entitled to vote

even though his shares vest in tlle Official Assignee or Receiver [Morgan Vs. Gray. (1953) Ch. 83].