18

Companies Act 1956 : Types of Company and Its Characters

Learning Objectives

In this chapter, the students are exposed to the basic working knowledge on the introductory part of the Companies Act, 1956 covering the following aspects:

  • Company and corporate veil.

  • Classes of companies under the Companies Act.

  • Registration and incorporation of companies.

  • Contracts entered at the time of incorporation.

  • Promoters and their duties.

18.1 DEFINITION OF A COMPANY

18.1.1 Literary Meaning

A company is an association of persons formed for the purpose to achieve some common objects.

18.1.2 Legal Meaning—Section 3 (1)(i)

The company means a company formed and registered under this act or an existing company. This act means a company registered under ...

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