A public company must have at least one member, but there is no upper limit on its number of members. Any legal entity may be a member of the company.
- To become a member, a person must apply for membership, be approved and pay all appropriate membership/ subscription/annual fees (if any).
- Different classes of membership may be created to serve the company’s purpose(s) better.
- Members may be subject to disciplinary procedures and may lose their membership status (either temporarily or permanently).
- Members must agree to contribute an amount of money (often an amount between $10 and $100) should the company be wound up and if there are insufficient assets to cover liabilities.
Members cannot receive any distribution of assets, property or income from the company.