MODULE 1
INTRODUCTION TO INDIAN COMPANY LAW
UNIT 1
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1.What is the meaning and definition of a company?
The word ' company ' is derived from the Latin words,' com ' which means ' together ' and the word ' panies ' which means ' bread '.A company thus an association of persons who took their meals together. A company is an incorporated association, which is an artificial person created by law, having an independent legal entity, with capital divisible into transferable shares carrying limited liability, having a common seal and perpetual succession.
According to section 2(20) of the Companies Act, 2013, "a company means a company incorporated under this Act or under any previous company Law "- This is not a comprehensive definition According to W.H Haney " A company is an incorporated association, which is an artificial person created by law, having separate entity with a perpetual succession and a common seal”
Justice James defines a company as “a company is an association of persons united for common object." Company Law or Corporate Law is the law that is concerned with the creation and regulation of companies.
2.What you meant by perpetual succession of Company?
Company has perpetual succession and is independent of the life of its members. Its existence is not affected in any way by the death, insolvency of any share holder.
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