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Is member as same as shoreholder?

Forums › ACCA Forums › ACCA LW Corporate and Business Law Forums › Is member as same as shoreholder?

  • This topic has 2 replies, 2 voices, and was last updated 14 years ago by Anonymous.
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  • October 16, 2010 at 5:37 pm #45571
    Anonymous
    Inactive
    • Topics: 18
    • Replies: 20
    • ☆

    Is member as same as shoreholder?

    October 18, 2010 at 2:09 pm #69397
    MikeLittle
    Keymaster
    • Topics: 27
    • Replies: 23327
    • ☆☆☆☆☆

    Hi

    No, a “member” is not necessarily the same as “shareholder” in the context of company law ( which is presumably the area you are referring to ).

    By statutory definition, a person is a member of a company when their name appears in the register of members. Thus, it is theoretically possible to be a member but not a shareholder, or a shareholder and not a member.

    Here are some possibilities!

    The owner of “Bearer” shares ( common in the USA ) is a shareholder but not a member.

    The joint owner of shares who has chosen not to have his / her name registered is a shareholder but not a member.

    If I held shares which I have now sold, for a short period I would still be a member but not a shareholder, and the buyer would be a shareholder but not a member.

    The law prevents any notice of a Trust in the register of members. Therefore, a trustee will be registered as a member in their own name, but they are not the beneficially interested person. So a trustee will be a member but not a shareholder whereas the beneficiary will be a shareholder and not a member.

    HOWEVER!!!!! For the sake of F4, it is MOST UNLIKELY that a marker will drop you a mark if you use the technically incorrect word. In lectures I find that I use both words as though they were synonymous.

    And finally! There was a past exam question from MANY years ago which asked for the distinction between a member and a shareholder in the context of company law!

    Happier?

    October 18, 2010 at 5:43 pm #69398
    Anonymous
    Inactive
    • Topics: 18
    • Replies: 20
    • ☆

    [ol]

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