Members

A member is a person whose legal relationship with the Close Corporation arises by virtue of his membership in the Close Corporation. The concept of membership is relevant to the right to receive distributions after they have been declared and to participation in a distribution on liquidation.

A person can become a member of a Close Corporation by agreeing to become a member of the Close Corporation and the subsequent lodgment of the necessary forms with the Registrar of Close Corporations.
Until registration of the founding statement has been recorded the individual does not acquire the status of member.

The members own and manage the corporation.