28 Consequence of incorporation

Consequence of incorporation

Once the Certificate of Incorporation is issued, the subscribers to the memorandum together with such other persons as may from time to time become members of the company, shall be a body corporate, capable of exercising the functions of an incorporated company and of suing and being sued. The company has a perpetual succession under common seal with power to hold land, but with such liability on the part of the members to contribute to its assets in the event of it being wound up, as provided for in the Companies Act, 1965.


BCS 202/05 Corporate Compliance Management Copyright © 2011 by Wawasan Open University. All Rights Reserved.


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