Shareholder

In the strict sense of the term, a "shareholder" is a person who has agreed to become a member of a corporation or company, and with respect to whom all the required formalities have been gone through; e. g., signing of deed of settlement, registration or the like. A shareholder by estoppel is a person who has acted and been treated as a shareholder, and consequently has the same liabilities as if he were an ordinary shareholder.

Lindl. Partn. 130. See Beni v. Essex Sav. Bank, 67 Fed. 816, 15 G. C. A. 128; State v. Mitchell, 104 Tenn. 336, 58 S. W. 365.