(1) The subscribers of a company's memorandum are deemed to have agreed to become members of the company, and on its registration become members and must be entered as such in its register of members.
(2) Every other person who agrees to become a member of a company, and whose name is entered in its register of members, is a member of the company.
[(3) Where an election under section 128B is in force in respect of a company—
(a) the requirement in subsection (1) to enter particulars of members in the company's register of members does not apply, and
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