INTRODUCTION In common usage‚ ‘Company’ means an association of persons associated for some common purpose. The common object may be business‚ charity‚ research etc. The persons are united for achieving a common objective‚ normally‚ for earning profits‚ which are shared by the investors. Definition of Company: Section 3 (1) (i) of the Companies Act‚ 1956 defines a company as: “A company registered and formed under this Act or an existing company.” The above definition does not give clear
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ARTICLES OF INCORPORATION OF BLUE ARRAYS CORPORATION KNOW ALL MEN BY THESE PRESENTS: That we‚ all of legal age‚ citizens and residents of the Republic of the Philippines‚ have this day voluntarily associated ourselves together for the purpose of forming a corporation under the laws of the Philippines. AND WE HEREBY CERTIFY: FIRST: That the name of the said corporation shall be: “Blue Arrays Corporation”; SECOND: That the purposes for which said corporation
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a bank account in its own name‚ owe money to others and be a creditor of other people and other companies‚ and employ people to work for it (2). Section 16(5) of the Companies Act 1965 states that on and from the date of incorporation specified in the certificate of incorporation the subscribers to the memorandum together with such other persons. (Anon.‚ 1973) This is because it may become members of the company and it shall be a body corporate by the name contained in the memorandum. Company should
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Formation or incorporation of A Company – For the formation of a company‚ a company passes through the following thee stages :- 1. Promotion Stage. 2. Incorporation Stage. 3. Commencement of business stage. 1. Promotion Stage: The stage of conceiving an idea and its working is termed as promotion of a company. The person involved in this task is termed as “Promoter”. There are certain important decisions which are taken before the formation of the company. There first important matter to decide
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..............................................................5 Directors as Trustees: ............................................................................................................................................5 The Veil of Incorporation ...........................................................................................................................................5 Cases ...............................................................................................
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CONSEQUENCES OF INCORPORATION 1. What is meant by separate legal entity & the corporate veil? 2. When will the corporate veil be lifted (ie. shareholders held to BE the corporation)? a. Fraud b. Agency c. Groups d. Tort How does a comp become separate legal entity? • Comp become SLE on date of certificate of registration and approval with ASIC: s119 CA • Effect: become SLE or “legal person” with legal capacity/powers of corporation: s124 Corporate Veil & Separate
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ARTICLES OF INCORPORATION OF ____________________________________________________________________ KNOW ALL MEN BY THESE PRESENTS: That we‚ all of legal age‚ citizens and residents of the Republic of the Philippines‚ have this day voluntarily associated ourselves together for the purpose of forming a corporation under the laws of the Philippines. AND WE HEREBY CERTIFY: FIRST: That the name of the said corporation shall be: ________________________________________________________________________ _
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clause has been incorporated as a term of the contract. Regarding to incorporation by signature‚ generally if China signed the contract‚ then they tend to be bound by the terms of the agreement‚ even if they did not read it‚ (L’Estrange v Graucob)‚ where it was stated that the claimant would be bound by all the terms of the agreement because she signed it and the fact that she did not read the terms was irrelevant. Incorporation by notice could also be applied in the case provided. For the term to
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separate corporate personality as confirmed in Saloman v. A Saloman & Co. Ltd. [1897] forms the corner-stone of co. law. • The recognition that a co. is a separate legal entity distinct from its shareholders is often expressed as the veil of incorporation. • Incorporation of a co. casts a veil over the true controllers of the co‚ a veil through which the law will not usually penetrate. • Once a co. is incorporated the courts usually do not look behind the veil to inquire why the co. was formed or who really
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1.0 Introduction 1.1 Company Overview Sony Corporation is a leading global manufacturer of any information technology products for consumer and professional markets. It typically named as Sony‚ is a Japanese multinational corporation that is headquartered in Tokyo‚ Japan. It founded at 7th May 1946 and their co-founders of the company are Masaru Ibuka and Akio Morita. Sony have hired over 146‚300 employees in 2013 and its diversified business is mainly paying attention on portable audio‚ digital
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