Explain the proprietary rights of a member in a company.

Proprietary rights of members fall two categories namely primary and secondary.
• Primary rights include:
– Right to vote in company‟s general meetings.
– Right to capital in the event of winding up.
– Right to dividend if the same has been declared and become payable.

• Secondary rights include
– Right to received notices of all general meetings of the company.

– Right to receive copies of the memorandum and articles.
– Right to receive copies of the balance sheet laid before the company in general meeting.
– Right to inspect the various registers maintained by the company.
– Right to obtain copies of registers.
– Right to petition for the alternative remedy.
– Right to petition of the winding up of the company

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