In the strict sense of the term, a “shareholder” is a person who has agreed to become a member of a corpora-tion 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 liubilities as lf be were an or-dlnary shareholder. Lindl. Partn. 130. See Beal v. Essex Sav. Bank, 67 Fed. 816, 15 C
Source: Black's Law Dictionary 2nd Ed (1910)
