All the members of a company sitting in a general meeting were killed by a bomb. Was the company wound up? identify and explain relevant feature of Joint Stock Company. ( 3 Marks)
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business studies...class 11 ......chapter 2(forms of business organizations).......topic joint stock company
Answers
Answer:
The main characteristics or features of a Joint Stock Company are:
An Artificial Person: ...
Separate Legal Existence: ...
Legal Formation: ...
Voluntary Organisation: ...
Perpetual Succession: ...
Limited Liability: ...
Large Capital: ...
Transferability of Shares:
Answer:
A company is an artificial person. It exists only in contemplation of law and is distinct from the members constituting it. Being distinct from the members, the death, insolvency or retirement of its members leaves the company unaffected. Members may come and go but the company can go forever. It continues even if all its human members are dead. Even where during the war all the members of a private company, while in general meeting were killed by a bomb, the company survived. Not even a hydrogen bomb could have destroyed it.
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