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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..................................................................5 Directors as Trustees: ............................................................................................................................................5 The Veil of Incorporation ...........................................................................................................................................5 Cases ...........................................................................................
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LIFTING OF THE CORPORATE VEIL INTRODUCTION • The principle of 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
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5. The Law of Piercing the Veil of Incorporation “Piercing the corporate veil” refers to the judicially imposed exception to this rule by which courts disregarded the separateness of the company and consider a shareholder responsible for the company’s action as if it were the shareholder’s own. A fundamental rule of corporate law is that shareholders in an organization are not liable for the obligations of the enterprise beyond the capital that they contribute in exchange for their shares. It refers
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group‚ English company law has steadfastly maintained its policy of treating such companies as distinct legal entities.” Explain this statement. Consider the need for reform. Contents Introduction 3 Salomon v Salomon 4 Lifting the veil of incorporation 5 Fraud 5 Façade or a sham 5 Groups of Companies 7 Adams & Others v Cape Industries plc 10 Is there a need for reform? 12 Conclusion 14 Bibliography 16 Books: 16 Journals: 16 Cases: 17 Websites: 17 Bill: 18 Introduction In order
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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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To Veil of Not To Veil Those of people that are brought up in typical western culture believe that Muslim women who wear the job symbolize the continued oppression of women in the Middle East. In “To Veil or Not To Veil” Jen’nan Ghazal and John P. Bartkowski perform a case study of different forms of identity among Muslim women in Austin Texas. This experiment delves into Muslim culture and tries to analyze both sides of the argument a primarily factual essay. The article carefully analyses both
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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 Legal
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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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Abolishing Veil Piercing Stephen M. Bainbridge * “I weigh my words when I say that in my judgment the limited liability corporation is the greatest single discovery of modern times . . . . Even steam and electricity are far less important than the limited liability corporation‚ and they would be reduced to comparative impotence without it.” –President Nicholas Murray of Columbia University (1911)1 I. INTRODUCTION ...............................................................................
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