Membership
The register serves as prima facie evidence of membership, though beneficial ownership may differ from the registered name. A minor can become a member but may repudiate their membership upon reaching adulthood. Errors in the register can be rectified by the company with consent or through court orders, which may also grant compensation.
Members’ liability is generally limited to unpaid amounts on their shares. In winding-up, all current and some past members are liable as contributories to meet the company’s debts, but only to the extent of unpaid calls. Liquidators settle lists of contributories, make calls as needed, and adjust rights among contributories. Upon a member’s death or insolvency, their estate or representative assumes their liabilities.
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