244. Right to apply under section 241
(1) The following members of a company shall have the right to apply under
section 241, namely:—
(a) in the case of a company having a share capital, not less than one hundred
members of the company or not less than one-tenth of the total number of its
members, whichever is less, or any member or members holding not less than onetenth
of the issued share capital of the company, subject to the condition that the
applicant or applicants has or have paid all calls and other sums due on his or their
shares;
(b) in the case of a company not having a share capital, not less than one-fifth
of the total number of its members:
Provided that the Tribunal may, on an application made to it in this behalf, waive all
or any of the requirements specified in clause (a) or clause (b) so as to enable the members
to apply under section 241.
Explanation.—For the purposes of this sub-section, where any share or shares are
held by two or more persons jointly, they shall be counted only as one member.
(2) Where any members of a company are entitled to make an application under subsection
(1), any one or more of them having obtained the consent in writing of the rest,
may make the application on behalf and for the benefit of all of them.