Chapter 2 (Topic 2): Registration and its effects Characteristics of a company -Companies are artificial entities with rights and liabilities separate from their shareholders or members -s119: company comes into existence as a body corporate at the beginning of the day on which it is registered with the name specified in its certificate of registration -This legal entity is separate from its members so assets of the company are not the assets of its members and contracts entered into
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The Salomon & Co.[1] case brought about the most significant decision ever laid down in Company Law. The House of Lords decision is the leading authority on the principle that the company [2]‚ which is incorporated under the Companies Acts 1963 is a separate legal entity‚ separate from its members and capable of having a corporate personality of its own‚ as Lord MacNaghten stated in Salomon “a different person altogether”[3]‚ from that of the members‚ almost depicting a fictional character capable
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doctrine of veil lifting. In the case of Woolfson v Strathclyde [1978] SC (HL) 90 Lord Keith observed that it ‘is appropriate to pierce the corporate veil only where special circumstances exist indicating that it is a mere façade concealing the true facts’. A number of academics‚ notably Dignam and Lowry‚ state that this signalled a retreat from the interventionist years where the courts‚ notably Lord Denning in the Court of Appeal‚ had been only too willing to ‘look behind the veil’. The definitive
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Courts have evolved the concept of lifting or piercing the corporate veil. Required Critically discuss this statement citing the relevant case law. Over the years the courts have used the concept of lifting the veil against the doctrine of cooperate personality which is key in the case Salomon v. Salomon & co. ltd.‚ the concept of corporate personality has led the courts to specify under what circumstances the veil should be lifted. Corporate (legal) personality arose from the activities
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Allison Hung Ms. Eager Chapter 6-7 12/5/2012 From the 600s to the 1300s‚ the Arabic Peninsula changed vastly. Starting as a desert wasteland‚ they grew from a clan based society to a rich center of culture and world trade. From the Bedouin clans to the Umayyad Caliphate to the Abbasid Caliphate‚ internal fighting remained as a source of continuity and contributed to the downfall of the empire‚ while the status of women in society evolved drastically. In all three
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References: Corporate‚ Limited Liability and Lifting the Veil of Incorporation by Clement Chigbo Company law in Uganda (2001) fountain publishers by Bakibinga .J. David; The Anatomy of corporate Law by Kraakman‚ R‚ An analysis of limitations and proposals for reforms by Ivan. Engoru
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NO. CHEE HUI JUN 114071 GOH XIAO YUING 111912 KOK JE SEN 111919 LEE CHIA YEE 111921 TOH SHER LYNN 111987 YEOH LI YEN 111996 1. “Incorporation is the bedrock upon which Company Law is built.” Incorporation means the process of legally declaring a corporate entity as separate entity from its owners. Incorporation has many advantages for a business and its owners‚ including: Protects the owners’ assets against the company’s liabilities. Allows for easy transfer of ownership
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CHAPTER 19 CORPORATIONS 1. – THE NATURE AND CLASSIFICATION OF CORPORATIONS A corporation is a legal entity created and recognized by state law. It can consist of one or two persons identified under a common name. CORPORATE PERSONNEL When an individual purchases a share of stock in a corporation‚ that person becomes a shareholder and owner of the corporation. Shareholder and corporations are liable. THE LIMITED LIABILITY OF SHAREHOLDER One of the key advantages of the corporate forms
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Module”‚ Toronto‚ 2013. . They can always sue you personally‚ but they would either have to allege that you personally did something wrong (e.g.‚ YOU damaged the car)‚ or allege that you are the alter ego of the corporation and that the corporate veil should be pierced because an injustice will result if they cannot go after your personal assets. Such allegations are fairly common despite the protection of the corporate shield‚ which is why lawyers who represent small
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THE LAW OF BUSINESS ORGANIZATIONS CHAPTER 4 – Piercing the Corporate Veil Minne B Berkey v Third Avenue Railway Company Overview: This is a New York Court of Appeals decision in 1926 adjudicated by the legendary Justice Cardozo. In this seminal case on ‘piercing the corporate veil’‚ the Court of Appeals finds in favor of the Defendant‚ Third Avenue Railway Company. The Court holds that Third Avenue‚ the parent company of Forty-second Street Company‚ which operated a rail line upon which the
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