Section 16(5) of the Act states:
“On and from the date of incorporation…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 by the name contained in the memorandum, capable forthwith of exercising all the functions of an incorporated company and of suing and being sued and having perpetual succession…with power to hold land but with such liability on the part of the members to contribute to the assets of the company in the event of being wound up as is provided by this Act.”
This means:
(i) the company is a body corporate with the powers of an incorporated company;
(ii) it may sue and be sued in its own name;
(iii) it has perpetual succession;
(iv) it may own land; and
(v) the liability of the members may be limited.
The separation of the corporation from the corporators was a principle which arose from the House of Lords case of Salomon v Salomon & Co Ltd [1897].
Common law
The common law cases show how the courts have applied this concept of separate legal personality.
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