Members of the company whether public limited company or private limited company are those persons who constitute the company and bring initial capital to run the company.
But, it does not mean that after incorporate of the company, nobody can become shareholder or member in the company. Therefore, you can also become the shareholder/member in the company if:
One more thing which must be kept in mind that the person desirous of becoming shareholder or member of the company must have a legal capacity to enter into an agreement.
Now, the question arises how to check the eligibility or capacity of the person to enter into an agreement? This is provided under the Indian contract Act, 1872, which states that any person can be eligible to enter into contract if:
A member may acquire membership of a company if:
You can also hold share jointly with some other person. In this case, both persons shall be considered to be members of the company.
Following entity can also become member in the company
A foreigner can also become a shareholder in the company after complying the provision of the Foreign Exchange Management Act, 1999 but in the event of war with his country, his shareholdings right are suspended.