A "member" is defined under Section 2(55) as a person who has agreed in writing to become a member and whose name is entered in the Register of Members.
Individuals: Any person competent to contract can be a member. A minor cannot generally be a member, though shares can be held in their name through a guardian if they are fully paid up.
Company: A company, being a separate legal person, can become a member of another company if authorized by its MoA. However, a subsidiary cannot be a member of its holding company.
Partnership Firm: A firm cannot be a member in its own name (as it is not a legal person), except in a Section 8 Company (Non-profit).
Foreigners/NRIs: Can be members subject to the provisions of the Foreign Exchange Management Act (FEMA).
HUF (Hindu Undivided Family): Can hold shares through its Karta.
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