(a) Explain the proprietary rights of a member in a company.(10 marks)
(b) Rita applied for 2,000 shares in Bidii Yako Company Ltd.Following her application,no allotment at the time was made.Later on without her application,2,000 shares were transferred to her name placed in the register of members.
Rita knowing that her name was in the register of members took no steps to have it rectified.Later on, the company collapsed.Rita was called upon to pay up on her shares and she has declined to do so arguing that she was not a member of Bidii Yako Company Ltd.She seeks your advice on the matter.
Advise Rita.(10 marks)
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