COMPANY AS A BUSINESS MEDIUM

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..... company by reason of a license" - Section 25(1) Characteristics:- * Corporate Personality - Being a separate legal entity it bears its own name and acts under a corporate name. * Limited Liability * Perpetual Succession - Members may come and go but the company will go forever. * Separate Property - no member can claim himself to be owner of Company property during its existence or windi .....

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..... e of Banking Company - section 11 * Co- operative Society * Company Concept of Corporate Personality Lifting of Corporate Veil:- Where a fraudulent and dishonest use is made of legal entity, the individuals concerned will not be allowed to take shelter behind the corporate personality - Section 45, 147, 212, 247 and 542. Personal Liability Of Directors and Members: * Reduction of Members .....

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