Sec. 45 - Reduction of number of members below legal minimum - Board Resolution;

Sec. 45 - Reduction of number of members below legal minimum - Board Resolution;

"WHEREAS the company was incorporated on………….with seven members including Shri. X;

AND WHEREAS Shri. X had transferred these shares to Shri. Y, another subscriber to the Memorandum of Association;

AND WHEREAS the aforementioned transfer was recorded in the register of members thereby reducing the number of members below seven and depriving the company of the privileges of a limited company and making the liability of members unlimited;

AND WHEREAS no debts have been contracted by the company to make the position of members vulnerable;

NOW THEREFORE it is resolved that Shri. A be admitted as a new member so as to return to the status of a public limited company."