very helpful for you to ensure that the Act you refer to is the latest amended version. NATURE OF COMPANIES A company is a corporate body of a corporation. A corporation is an artificial legal person. The law sees it as separate and independent of the persons who are members of that corporate body. The legal recognition given to the company is provided by S.16(5) of the Companies Act‚ 1965. it says: “On and from the date of corporation specified
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Case Study – Pre paid Legal Services Q1) How does PPLS create value for its customers? What are the critical risks that it has to manage well? Ans) PPLS creates value for its customers by insuring their future legal costs by charging an advance premium monthly . It sells memberships‚ which allow members to access legal services through a network of independent law firms in each state of USA. It also promotes multi-level marketing by encouraging members to become associates and get commission
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OF INCORPORATION 1. What is meant by separate legal entity & the corporate veil? 2. When will the corporate veil be lifted (ie. shareholders held to BE the corporation)? a. Fraud b. Agency c. Groups d. Tort How does a comp become separate legal entity? • Comp become SLE on date of certificate of registration and approval with ASIC: s119 CA • Effect: become SLE or “legal person” with legal capacity/powers of corporation: s124 Corporate Veil & Separate Legal Entity
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..............................................................5 Directors as Trustees: ............................................................................................................................................5 The Veil of Incorporation ...........................................................................................................................................5 Cases ...............................................................................................
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as a person‚ a human being. This artificial person can own land and other property‚ enter into contracts‚ sue and be sued‚ have a bank account in its own name‚ owe money to others and be a creditor of other people and other companies‚ and employ people to work for it (2). Section 16(5) of the Companies Act 1965 states that on and from the date of incorporation specified in the certificate of incorporation the subscribers to the memorandum together with such other persons. (Anon.‚ 1973) This is because
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Paper 2 Introduction Many companies today often don’t think about legal issues related to their business until they are hit with a lawsuit or decide they need to take legal action against someone else. The ramifications of a lawsuit as a plaintiff or a defendant can impact a company and even destroy a company and its reputation. This can happen if the company is not fully prepared on handling legal pitfalls that might come their way. Creating a system that defines and controls the
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ARTICLES OF INCORPORATION OF BLUE ARRAYS CORPORATION KNOW ALL MEN BY THESE PRESENTS: That we‚ all of legal age‚ citizens and residents of the Republic of the Philippines‚ have this day voluntarily associated ourselves together for the purpose of forming a corporation under the laws of the Philippines. AND WE HEREBY CERTIFY: FIRST: That the name of the said corporation shall be: “Blue Arrays Corporation”; SECOND: That the purposes for which said corporation
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Effects of a Breach of Contract There are various types of contract with in the world of law such as civil law which deals with relations between individual citizens where as private law focuses on the relations between ordinary people on a day to day basis‚ both types of law include the law of contract. A contract is an agreement that is legally enforceable and therefore can be settled within a court of law‚ however how can we distinguish between a contract and any other form of non-legally enforced
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ARTICLES OF INCORPORATION OF ____________________________________________________________________ KNOW ALL MEN BY THESE PRESENTS: That we‚ all of legal age‚ citizens and residents of the Republic of the Philippines‚ have this day voluntarily associated ourselves together for the purpose of forming a corporation under the laws of the Philippines. AND WE HEREBY CERTIFY: FIRST: That the name of the said corporation shall be: ________________________________________________________________________ _
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whether the clause has been incorporated as a term of the contract. Regarding to incorporation by signature‚ generally if China signed the contract‚ then they tend to be bound by the terms of the agreement‚ even if they did not read it‚ (L’Estrange v Graucob)‚ where it was stated that the claimant would be bound by all the terms of the agreement because she signed it and the fact that she did not read the terms was irrelevant. Incorporation by notice could also be applied in the case provided. For
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