SS Lecture 2 - 1 SS Lecture 2 Overview Legal personality...

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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) “From the date of incorporation… the subscribers…shall be a body corporate the subscribers…shall be a body corporate … capable forthwith of exercising all the functions of an incorporated company, And having perpetual succession …” Salomon: Lord Macnaghten ¡ “When the [company] is duly … registered, … the subscribers are a body corporate “capable forthwith” to use the words of the enactments, “of exercising all the functions of an incorporated company”. Those are strong words. … The company is at law a different person altogether from the subscribers … Salomon: Lord Macnaghten ¡ “… the company is not in law the agent of the subscribers or trustee for them.” 2 Salomon: Lord Halsbury ¡ “… 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.

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SS Lecture 2 - 1 SS Lecture 2 Overview Legal personality...

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