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Corporation Law (Doc)

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Added on  2020-03-28

Corporation Law (Doc)

   Added on 2020-03-28

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Corporation Law (Doc)_1
Law2Part ACorporation Law introduce fundamental rule which states, company is considered as separate legal entity. In other words, company is distinct natural person in the eyes of law which is completely distinct from its members and directors. This legal entity has similar rights and dutieswhich any other natural person has. It must be noted that in actual company is legal entity and not a natural person which means it is not possible for company to conduct its operations itself. Itis the corporation which employs peoples and authorized them to perform some particular acts. Therefore, it becomes necessary to impose primary or equivalent liability on the corporation alsofor the acts committed by its accused employees (Gurunnay, n.d.). For this purpose, Court develops identification principle in case Lennard's Carrying Co Ltd v Asiatic Petroleum Co Ltd [1915] AC 705. In this case, Viscount Haldane LC stated:Company does not have its own mind, and its directing will was imposed in the person acting on behalf of the company known as its agent, but in actual its real directing mind was the person who was the center of the personality of the corporation. Lord Denning sated in case H.L. Bolton Company v. T.J. Graham & Sons that, company can beequated with the body of human. He further stated that, directors and mangers of the company who can be considered as directing mind and will was the brain and nervous system of the company.
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