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Practical Consequences of Incorporation:
In the course of delivering his judgment in Salomon's case Lord Halsbury stated that "once the company is incorporated, it must be treated like any other independent person with rights and liabilities appropriate to itself". This means that the company, as an independent person, has rights and obligations which are not the same as the rights and obligations of the subscribers to its memorandum and the other persons who will join it later as its members. This is the fundamental attribute of corporate personality which is given practical effect in the following ways:
Limited liability:
The fact that a registered company is a different person altogether from the subscribers to its memorandum and its other members means that the company's debts are not the debts of its members. If the company has borrowed money,it and it alone is under an obligation to repay the loan. The members are under no such obligation and cannot be asked to repay the loan.
QUESTION 1 Explain the following words- 1. Promissory condition 2. Contingent condition 3. Condition precedent 4. Concurrent conditions 5. Conditions subsequent
Explain how you located the resource that addresses the question and cite that resource in proper Bluebook format: Spend & Save is claiming that our client lacks standing to s
Non-Payment of Cheques A banker's authority about pay a cheque that will be determined or that terminated through: like; (a) Countermand of payment, below s.75 (a). the Act
Prospectus Issue And Statutory Provisions: A company's shares are legally regarded as goods. Consequently, the common law rule known as "caveat emptor" applied to their sale.
Unauthorized Contracts: It may sometimes happen that a company's agent, while entering into a contract on behalf of the company, exceeds his powers under the articles of assoc
QUESTION 1 Your mother makes delicious cakes and your wife suggests the idea of setting up a business to market these products. The cakes will be prepared by your mother and a
Characteristics of Unincorporated Associations However these are associations of persons that who associate to promote a common and lawful purpose. Thus now they have no lega
Rights of inspection: The registers and documents are subject to the following rights of inspection: (a) The company's members are entitled to inspect them, free of cha
FutureEd corp., a Bangladesh based catering company has decided to extend its catering business in the main divisional cities. They have come up with the decision to open up some r
XYZ Ltd has 1000 members and it has adopted a constitution. Matt is one of the directors of XYZ Ltd. Matt has made a gift of $10,000 to his wife, Melissa out of the Company's funds
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