Joint Stock Company — Flashcards
ICSE · Class 9 · Commercial Studies
36 flashcards for Joint Stock Company (ICSE Class 9 Commercial Studies) to test yourself on key terms and facts. Sample: "What is a joint stock company?"
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What is a joint stock company?
Answer
A joint stock company is a voluntary association of individuals for profit, with capital divided into transferable shares. It is an incorporated body with separate legal existence, perpetual successio…
Define a company as explained by Justice Lindley.
Answer
A company is an association of many persons who contribute money or money's worth to a common stock and use it for some common purpose. The money contributed becomes the capital of the company, and th…
Why is a company called an artificial person?
Answer
A company is called an artificial person because it is created by law and can act in its own name. It has no physical body, but it can own property, make contracts, and sue or be sued.
What does separate legal existence mean?
Answer
Separate legal existence means that the company has its own identity, different from its members. The company can own property and make contracts in its own name, and shareholders are not the direct o…
Which feature of a company was recognised in the Salomon case?
Answer
The Salomon case recognised the separate legal existence of a company. After incorporation, Salomon and Co. Ltd. had an identity separate from Salomon, even though he held almost all the shares.
What happened in the Salomon case?
Answer
Salomon formed a company that acquired his shoe business. He took all shares except six, which he gave to his wife, daughter, and four sons. He also bought debentures of the company, giving him a char…
What is perpetual succession?
Answer
Perpetual succession means that a company continues to exist even if members die, become insolvent, or become lunatic. The life of the company does not depend on the life of its members.
Why does a company not end with the death of its members?
Answer
A company is a creation of law, and only law can bring an end to it. Members may come and go, but the company continues until it is wound up.
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