ABSTRACT
As stated previously, a company is deemed to be a separate legal person at common law (Salomon case (1897)) and by s 124 CA. The relationship between the company and its members is jointly regulated by the CA and the company’s constitution (where applicable), by way of s 134. A person, whether a human or a company, is referred to as a member, rather than a shareholder under the CA, due to the fact that some types of company do not have shares (that is, public companies limited by guarantee). Section 231 defines membership of a company as being a member at the time of the company’s registration with ASIC. Alternatively, a person may become a member from the moment they are entitled to be entered on the register of members (s 169).
