Clubs are members of their League by virtue of the rules of the league. Company law doesn't come into it. Owners can sell clubs to each other till the cows come home, but there is no obligation on a league to accept the club into its competition.
The EFL enforced the Fit Persons test on Bury's owners. They passed. They deferred the test of funds being available until after the sale. That was compliant with the rules, and those rules aren't fit for purpose.
Nothing to do with the legal position vis a vis the sale of the company.
However, if the rules of the EFL were toughened up, then it would be less likely that an unsuitable person would choose to buy a club, and it might be easier for the EFL to deter existing owners from bailing out irresponsibly.
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