Origin of Law

Meaning of the term Company The word fraternity is derived from the Latin word (Com = with or together; panis = bread), and originally referred to an association of persons who took their meals together. The friendship have the most striking features of being distinct pass personality, perpetual succession, the easy transferability of sh atomic number 18s, the peculiar(a) liability and its centralized and elected boldness but is not a citizen nether the citizenship Act, 1955 or the reputation of India as also held by Honble supreme judgeship in State Trading Corporation of India Ltd. v. C.T.O . As far as the companies Act is concerned it defines the union as A fraternity organize and registered under this Act or an lively company. An alive company means a company formed and registered under any of the former companies Acts. This exposition does not notice the certain distinctive characteristics of a company. Perhaps a assoil definition of the company is given by L ord legal skillful Lindley : By a company is meant an association of many persons who remain firm money or moneys worth to a common stock and employ it in some delay or business, and who share the profit and loss as the role model whitethorn be) arising there from.

The common stock so contributed is denoted in money and is the capital of the company and the persons who contribute it, or to whom it belongs, are called as members. The proportion of capital to which each member is entitle is his share which is always transferable although the right to transfer them is much or less restricted. A company thus w hitethorn be define as an incorporated assoc! iation which is an man-made person, having a separate legal entity, with a perpetual succession, a common seal, a common capital comprised of transferable shares and carrying throttle liability. It is called an artificial person because of its very nature that natural practice of law only can give birth to a company and law alone can put it to an end. The main aim wherefore companies evolved is the operations and...If you want to get a generous essay, raise it on our website: OrderCustomPaper.com

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