The bearer of a share warrant is not a member of the company [section 2(27)]. However, if company’s Articles of Association so provide, he may be treated as a member of the company for any purpose defined in the Articles [section 115(5)]. Thus, the Articles may provide that the bearer of a share warrant shall be allowed to exercise the rights of a member, such as attending meetings, approving annual accounts, appointing directors, etc. But, having regard to the express provisions of section 270(4), the Articles of Association of a company cannot provide that the shares specified in a share warrant may be considered as qualification share for the office of a director.
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