I have some problems in company law subject of module D and I request my seniors and others to solve these problems
1- What is meant by "Subscriber to Memorandum"?
Do they become subscribers only after singning the memorandum
or they also required to own some shares of company?
Do they necessirly the poineers or founders of company?
2- What is meant by and difference between "Successors in Interest
and Successors"?
3- What is meant by Modarba and its functions? Is it differs
from Modarba company?
Please answer these questions in the same sequence.
Thanks
Is here nobody to answer my queries??? [(]
Hey Friend,
I think I can answer some of your Questions,
Ans 1.
Subscribers to memorandum are the person who sign the memorandum for the incorporation of the company. They are called subscribers because they are actually subscribing to SECP or the Registrar for the incorporation of the company. The subscribers are required to hold at least one share in the company. They are the founders of the company.
Ans 3.
A modarba and a modarba company are different. A modarba is a type of fund and modarba company actually manages that fund that's why it is called modarba management company. The modarba and the modarba company have separate balance sheets.
I am not clear about your question 2. In what context are you asking this. May be someone else can help..
Hope the answers will help you to some extent.
Bye[)]
<blockquote id="quote"><font size="1" face="Verdana, Tahoma, Arial" id="quote">quote<hr height="1" noshade id="quote"><i>Originally posted by mzuhair_abbas</i>
I am not clear about your question 2. In what context are you asking this. May be someone else can help..
<hr height="1" noshade id="quote"></font id="quote"></blockquote id="quote">
Thanks for reply muzuhair,
Successor and Successor in interest are two
seperate terms read by me in PAC company law
book for module D.
Generally,it means a person who follows
another in ownership of any property.
But these are not clear to me especially
difference between two.
Hope for other members contribution.
Its so simple. Successor in interest is the person who follows another in ownership of
shares in the company. And successor is a general term. It can be used in the context of directors
or others.
Here are my views..
1. subscribers to memorendum are people who agree and undertake to abide by the objects and other things written in the memorendum and who agree to pay to the company a sum equal to the value of shares they take, and their liability to the company is limited to number of shares unpaid. They need not be promoters of the company. They can be anyone..
2. successor in interest is the person, who succeeds only with respect to limited interest attached to the shares. and successor enjoys full rights of his predecessor.
3. Modarba is a fund where one person gives his money and other his expertise and/or skill. and the company which manages this fund is modaraba company. and a company can have more than one modaraba.
Hi I think I may add something additional to your first question.
-A subscriber to Memorandum of Association ("MoA") and Articles of Association ("AoA") is the person who, by signing the subscription pages of MoA and AoA, agrees to become the first member of the proposed company and is, therefore, bound by the provisions of MoA, AoA and the applicable statutory provisions. A subscriber may be a natural person or a legal person. -A person becomes a subscriber to MoA when he signs this document and the proposed company has actually been registered with SECP. Upon the incorporation of a company, a subscriber is required by law to subscribe to its shares only if the company is one of the kinds having share capital. In such case, subscribers shall buy the number of shares as they have undertaken to subscribe in the subscription pages of MoA and AoA. -In practice, subscribers are not necessarily the promoters or the founders of the company.