SECTION 120MEMBERS, DIRECTORS AND COMPANY SECRETARY OF A COMPANY
A person becomes a member, director or company secretary of a company on registration if the person is specified in the application with their consent as a proposed member, director or company secretary of the company.
120(2)[Issue of shares]
The shares to be taken up by the members as specified in the application are taken to be issued to the members on registration of the company.
Note: A member's name must be entered in the register of members (see section 169).