07-07-2009, 03:38 PM
Dear Faisal,
In my opinion you have mixed the concept of Termination of Membership with the transfer of shares, transmission of shares and subsequent transfer of shares.
Infact the law is silent regarding the termination of membership of a member. The termination of membership of a shareholder is an issue related to general corporate law as same as legal concepts perpetual succession, indoor management common seal and so on. Although company ordinance 1984, adopts these basic concepts of general company law but does not define them. A student of corporate law at professional level assumed to go through these basic concepts of company law which are used worldwide. Although the question of termination of membership is not a basic concept of company law but it is related to general company law. It is the practice of superior judiciary of Pakistan that if any law is silent about any particular issue then the judiciary examines law cases, sees common practice in the particular field and generally accepted world law relating to this particular field unless otherwise specified in law of a country.
It is general law that the membership of a shareholder cannot be terminated.
Regards,
Awais Aftab
In my opinion you have mixed the concept of Termination of Membership with the transfer of shares, transmission of shares and subsequent transfer of shares.
Infact the law is silent regarding the termination of membership of a member. The termination of membership of a shareholder is an issue related to general corporate law as same as legal concepts perpetual succession, indoor management common seal and so on. Although company ordinance 1984, adopts these basic concepts of general company law but does not define them. A student of corporate law at professional level assumed to go through these basic concepts of company law which are used worldwide. Although the question of termination of membership is not a basic concept of company law but it is related to general company law. It is the practice of superior judiciary of Pakistan that if any law is silent about any particular issue then the judiciary examines law cases, sees common practice in the particular field and generally accepted world law relating to this particular field unless otherwise specified in law of a country.
It is general law that the membership of a shareholder cannot be terminated.
Regards,
Awais Aftab
