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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 subscribersshall be a body corporate the subscribersshall 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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- Three '08