Dividend cheque dividend warrant shall be delivered to the first named joint holder.

Voting Power. In the case of joint holders, the vote of the.

senior who tenders a vote. whether in person or by proxy, shall be accepted to the exclusion of the votes of the other joint holders. For this purpose,

seniority shall be determined by the order in which the names stand in the register of member (Regn. 57). A requisition of general meeting signed by one

or some of the joint holders shall be valid or if it is signed by all.

(VI) In the case of a public company every joint shareholder is counted as a separate member (Naraindas Man Mohandas Ramji & Sons v..’. Indian

Manufacturing Co. Ltd.) but in the case of private company joint holders are treated as a single member [Section 30) (iii)).

(vii) Transmission of Shares. On deatll of a joint holder, tile survivor or survivors shall be the only persons recognised by the company as having title or

interest in the shares. However, the estate of a deceased joint holder shall remain liable for any liability in respect of shares. [Article 25).

6. Foreigners. A foreigner may become a member of the company with the general or special permission of the Reserve Bank of India under tile Foreign