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Unformatted text preview: 1 SS Lecture 2 Overview ¬° Legal personality: HRS Ch 1 ¬° Corporate personality: HRS Ch 1 ¬° The corporate veil: HRS Ch 24 ¬° The corporate veil: HRS Ch 24 ¬° Piercing or lifting the corporate veil: HRS Ch 24 Legal Personality ¬° What is this? ¬° What is corporate personality? Effect of Incorporation ¬° Companies Act 1862 (UK) ‚ÄúFrom the date of incorporation‚Ä¶ the subscribers‚Ä¶shall be a body corporate the subscribers‚Ä¶shall be a body corporate ‚Ä¶ capable forthwith of exercising all the functions of an incorporated company, And having perpetual succession ‚Ä¶‚ÄĚ Salomon: Lord Macnaghten ¬° ‚ÄúWhen the [company] is duly ‚Ä¶ registered, ‚Ä¶ the subscribers are a body corporate ‚Äúcapable forthwith‚ÄĚ to use the words of the enactments, ‚Äúof exercising all the functions of an incorporated company‚ÄĚ. Those are strong words. ‚Ä¶ The company is at law a different person altogether from the subscribers ‚Ä¶ Salomon: Lord Macnaghten ¬° ‚Äú‚Ä¶ the company is not in law the agent of the subscribers or trustee for them.‚ÄĚ 2 Salomon: Lord Halsbury ¬° ‚Äú‚Ä¶ once a company is legally incorporated it must be treated like any other...
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This note was uploaded on 03/13/2010 for the course ECON econ1010 taught by Professor Margretfinch during the Three '08 term at Griffith.
- Three '08