Status of company?
This query is : Resolved
28 December 2013
A public limited company had eight members. Two of the members met with an accident and died on the spot.
Now what shall be the legal status of the company?
28 December 2013
refer section 45 of the companies act 1956.
if the number of members fall below 7 and such position continues for more than 6 months, then the limited liability benefit is no more available to the shareholders and all the shareholders shall be severally liable for payment of whole debts of the company.
if the number of members fall below 7 and such position continues for more than 6 months, then the limited liability benefit is no more available to the shareholders and all the shareholders shall be severally liable for payment of whole debts of the company.
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