Section 48
of International Business Companies Order, 2000
Section 48
(1)
A person shall not cease to be a member of an IBC limited by guarantee –
(a)
except by retirement in accordance with such formalities as may be specified in the Articles or, where no such formalities are so specified, by notice in writing addressed to the directors; and
(b)
if the IBC has a share capital and the member holds shares in the IBC, except upon the transfer of his shares.
(2)
In the case of the death of a member, a notice under subsection (1)(a) may be given by his personal representative and, in the case of a member’s incapacity, by the person managing his affairs.
(3)
For the purposes of subsection (2), what amounts to incapacity on the part of a member of an IBC is a matter to be determined by the Court after having regard to all the relevant evidence and the circumstances of the case.
Rectification of share register or register of members.