Identify the false statement with regard to a company:

Looking at each statement about a company:

Option 1 states a company is an artificial person - This is true. A company has a separate legal entity created by law, distinct from its members.

Option 2 states company's shares are generally transferable - This is true. Shares in companies, particularly public companies, are freely transferable, which is a key feature of company form of organization.

Option 3 states every member is entitled to take part in management - This is false. Shareholders (members) do not have automatic right to participate in day-to-day management. Management is conducted by the Board of Directors. Shareholders exercise their rights through voting in general meetings but cannot directly manage the company unless they are appointed as directors.

Option 4 states directors are always shareholders - This is false. A director need not own shares in the company. While some companies may require directors to hold qualification shares as per their Articles of Association, this is not a mandatory legal requirement. Directors can be appointed purely based on their professional expertise and competence, regardless of share ownership.

Therefore, Options 3 and 4 are the false statements.