Bye law 19 a, 22ab & 51 (vi)
Roland Noronha
(Querist) 09 April 2013
This query is : Resolved
Clarifications:
a) Bye Law No.19 A (i) states TEN fully paid shares of Rs.50/= each. Previous requirement under this bye law was FIVE fully paid shares of Rs.50/=. If we have to follow the old practice what happens to new members who are admitted. The shares available for transfer are only FIVE....? What we need to do now? Do we have to issue 5 additional shares to the members or endorse the old share certificate by collecting additional 250/= ( 50 X 5 ). Advise corrective action.
b) Bye Law 22AB - A member who is listed as Inactive Member can he enter into Sale Agreement, Leave & License Agreement, Mortgage or Apply for Loan for his own property and can he have voting rights in the AGM and/or GM...? If he has to be made active how to proceed is there any time frame for the same – I mean do we have to wait for the next AGM and/or GM.
c) Bye Law 51 VI – Expulsion of Inactive Member if he fails to attend AGM/GM in the NEXT FIVE YEARS. What happens if the member is settled down abroad or a ship-crew who sails and happens to be out of India for long time especially during the time of AGM/GM. After all he is earning his daily bread and cannot be deprived of his membership. What is the solution for this? Is there any provision for such members...?
Roland Noronha
Adv k . mahesh
(Expert) 10 April 2013
how about spending some amount to local lawyer
