The Companies Act, 1956
41. Definition of “member”.
(1) The subscribers of the memorandum of a company shall be deemed to have agreed to become members of the company, and on its registration, shall be entered as members in its register of members.
(2) Every other person who 1[agrees in writing] to become a member of a company and whose name is entered in its register of members, shall be a member of the company.
2[(3) Every person holding equity share capital of a company and whose name is entered as beneficial owner in the records of the depository shall be deemed to be a member of the concerned company.]
1. Subs. by Act 65 of 1960, sec. 13, for “agrees” (w.e.f. 28-12-1960).
2. Ins. by Act 22 of 1996, sec. 30 and Sch. (w.r.e.f. 20-9-1995).