Section 33 - Members of a company

(1) The subscribers to the documents for the incorporation of a company are members of the company and upon incorporation shall be entered as members in the register of members referred to in section 35.

(2) Any other person who agrees with the company to become a member of the company and whose name is entered in the register of members is a member of the company.

(3) A member has the rights, duties and liabilities that are by this Act and where applicable, by the registered constitution of the company conferred and imposed on the members.

(4) In the case of a company with shares, each member is a shareholder of the company and shall hold at least one share.

(5) A holder of a share is a member of the company.

(6) Membership of a company with shares continues until

(a) a valid transfer of the shares held by the member is registered by the company;

(b) the shares are transmitted by operation of law to another person, or forfeited for non-payment of calls; or

(c) the member of the company dies.

(7) Membership of a company limited by guarantee continues until the member dies, or validly retires or is excluded from membership.