Examine the position of the following with regard to membership in a company : (i) An insolvent (ii) Partnership Firm.

(i)       An Insolvent: An insolvent can remain the member of the company as long as his name appears in the register of members. He is a member and is in a position to vote even though his shares vest with the official receiver or assignee.

(ii)     Partnership Firm: A partnership firm is an unincorporated association, a firm is not a person and as such it cannot become the member of the company. But the firm can hold shares in the individual’s name of the partners as joint shareholders.