The Companies Act, 1956
The Companies Act, 1956
Why study company law ?
Most popular form of business organisation.
Why\u2026\u2026\u2026.?
It provides an organisational framework
it is a means to an end
A company is a person in Income-tax.
More than 60% of income-tax revenue
comes from corporate assessees
M EANING OF A COM PANY
S e p a r a te
L e g a l E n tity
T r a n s fe r a b le
S h a r e s
L im ite d
L ia b ility
S e p a r a te
P r o p e r ty
P e r p e tu a l
S u c c e s s io n
C om m on
S e a l
R E G IS T E R E D O R IN C O R P O R A T E D U N D E R
T H E C O M P A N IE S A C T W H E R E B Y IT A Q U IR E S
C E R T A IN A T T R IB U T E S
F O R S O M E C O M M O N P U R P O S E V IZ .
B U S IN E S S , C H A R IT Y , R E S E A R C H E T C .
A C O M P A N Y IS A N
A S S O C IA T IO N O F P E R S O N S
\u2022By a company is meant an association of many persons
who contribute money or money\u2019s worth to a common
stock and
employ it in some trade or business, and
who share the profit and loss (as the case may be)
arising there from.
\u2022The common stock so contributed is denoted in money
and is the capital of the company.
\u2022The persons who contribute it, or to whom it belongs,
are members.
\u2022The proportion of capital to which each member is
entitled is his share.
\u2022The shares are always transferable although the right to
transfer is often more or less restricted. (Lord Justice
Lindley)
Company, according to Lord Justice Lindley
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