Section 38Part 3 — Distribution of Capital and Liability of Members
Definition of member
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The subscribers of the memorandum of association of any company shall be deemed to have agreed to become members of the company whose memorandum they have subscribed, and upon the registration of the company shall be entered as members on the register of members hereinafter mentioned, and every other person wh o has agreed to become a member of a company and whose name is entered on the register of members, shall be deemed to be a member of the company.