Table of Contents
WITHDRAWAL OR DEATH EITHER NOMINEE OR ITS MEMBER OF A ONE-PERSON COMPANY
A one-person company is a company that has only one person its member. The one-person company is incorporated as a private company therefore all the provisions of a private company apply to the one-person company.
NOMINEE OF A ONE-PERSON COMPANY
One-person company is run by one member. The member in one person company must appoint a nominee who shall become the member of the company in case of death or incapacity of the original member. If due to any reason member is unable to perform his duties, then his nominee can take his duties due to the unavailability of the original member.
WITHDRAWAL OR DEATH OF NOMINEE OF A ONE-PERSON COMPANY
- A notice can be given by the nominee nominated by the subscriber or member of a One Person Company to withdraw his consent to act as the nominee of such sole member and to One Person Company.
- A new nominee will be nominated by the member within a period of 15 days of the receipt of the notice of withdrawal and shall send an intimation of such nomination in writing to the Company.
- Form No. INC.3 is to be given to the company for the consent of another nominee.
- Notice of such withdrawal and the name of another person nominated by the member in Form No INC.4 is to be given to the registrar by the company within a time period of 30 days of receipt of the notice of withdrawal from the nominee along with fee as provided.
- Form No. INC.3 is also given to the registrar by the company within a period of 30 days from the date of receipt of notice of withdrawal from the nominee.
- By informing in writing to the company then the member of a One Person Company can change the name of the nominee at any time for any reason and also nominate another nominee after obtaining the consent of such another nominee in Form No INC.3.
- Notice of such change in Form No INC.4 is given to the registrar by the company along with fee as provided within thirty days of receipt of informing the change.
- Form No.INC.3 of the consent of the new nominee is to be given to the registrar by the company within thirty days of receipt of informing of the change.
DEATH OR INCAPACITY OF MEMBER OF A ONE-PERSON COMPANY
- If the member of One Person Company due to his death or incapacity ceases to be a member then his nominee will become the member of such One Person Company.
- the new member shall appoint a new nominee within fifteen days of becoming a member, who shall become a member of the company in case of his death or his incapacity to contract.
- the company shall file with the Registrar an intimation of such death or his incapacity of member and nomination in Form No INC.4 along with the fee as provided within thirty days of the change in membership.
- Form No.INC.3 for the consent of the new nominee is to be given to the registrar by the company within thirty days of the change in membership.
FAQ ON WITHDRAWAL OR DEATH EITHER NOMINEE OR ITS MEMBER
Q1- what is the time limit to inform the registrar about the change in membership?
Ans. within 30 days of making changes, the company needs to inform the registrar about the change in membership.
Q2- in which form nominee can give his written consent to act as nominee?
Ans.- Form no.INC.3 is to be given by the nominee for his written consent to act as a nominee of a member of a one-person company.
Q3-can the nominee withdraw his written consent to act as a nominee or member of a one-person company?
Ans.-by giving notice nominee can withdraw his consent to act as a nominee of the member of one person company.
