(1) The subscribers of the memorandum of a company shall be deemed to have agreed to become members of a company, and on its registration, shall be entered as members in its register of members.

(2) Every other person who ¹ [agrees in writing ] to become a member of a company and whose name is entered in its register of members, shall be a member of the company.

²[(3) Every person holding equity share capital of a company and whose name is entered as beneficial owner in the records of the depository shall be deemed to be a member of the concerned company.]

1. Substituted by Companies (AMENDMENT) Act, 1960

2. Ins. by Act 22 of 1996, sec. 30 and Sch. (w.r.e.f. 20-9-1995).