bcom 2nd year corporate law notes in english
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The meaning of company
Mass production started after the Industrial Revolution. The need for skilled management and large amount of capital was felt to run large scale industries, which was neither possible by a single businessman nor by a partnership organization. Therefore, the form of business that took birth in this situation is called a company.
Meaning and Kinds of Company
Mass production started after the Industrial Revolution. The need for skilled management and large amount of capital was felt to run large scale industries, which was neither possible by a single businessman nor by a partnership organization. Therefore, the form of business that took birth in this situation is called a company.
bcom 2nd year company meaning
In simple terms, a union of persons formed to fulfill a common purpose is called a company. When this association is registered under the Companies Act, it becomes an artificial person created by legislation with uninterrupted succession and sovereignty.
Definition of Company
Definition- For the convenience of the study, we can divide the company definitions into three parts.
(A) Statutory definitions
(B) Judicial definitions
(C) Theoretical
Statutory definitions
According to Section 2 (20) of the Companies Act, 2013 – “Company” means a company formed and registered under this Act or an existing company. An existing company is one “which has been formed and registered under any Companies Act prior to this Act.” Judicial definitions
Judge James- “A union of persons organized for a general purpose is a company.”
According to US Chief Justice Marshall – The corporation (a company with joint capital) is an invisible and intangible artificial person that exists only in the eyes of the law. ” Theoretical definitions. LH Hanne – “An artificial person created by company legislation, who has a separate and permanent existence and who has a universal currency.”
Field house “Joint capital company is a committee of persons formed to carry out any business or undertaking.” Kimbal and Kimbal- “A corporation or company is by nature an artificial person who has been created or authorized by legislation for a specific purpose.” After analyzing the above definitions, in short we can say that
“Company is a person created by law, whose separate existence; There is continuous succession and universal dispensation. Which is constructed with a specific purpose. And the responsibility of whose members is generally limited.
bcom 2nd year company meaning in hindi
Nature and characteristics of the company (characteristics)
Nature and Characteristics of a Company
Artifical Man
According to the Companies Act 2013, the company is an artificial person created by Kanan but its functions are mostly similar to that of a natural human being. There is no meat in the company like a real person. Therefore, it has been given the name of agricultural person.
Prepetual Existence
The company exists. Therefore, the death of shareholders or the meaning and type / 3 of a personally insolvent company or separation from the company has no effect on the existence of the company.
Separate Legal Entity –
The existence of a company is different from its members. Hence, the company can enter into any kind of contract with its shareholders. A company can file a suit against its non-shareholders and a shareholder company. Thus, no shareholder is responsible for the affairs of the company, even if he has taken all the shares of that company.
Limited Liability –
Members of a joint stock company have a limited liability, that is, each shareholder’s liability is limited to the value of the shares purchased by him.
bcom 2nd year company meaning in hindi
Right to Sue –
The company has the right to file suit in its own name as per the law.
Common Seal
The company cannot sign because it is an artificial person, but every document issued by the company has its universal currency. That is why its form is combined.
Joint Capital
The capital received by the shareholders under the company is jointly levied. That is why its form is combined.
Limited Scope of Activities
The objectives of the company are given in the Council of Memorandum and the objectives
Rules related to supply and operation are given in the company’s Council of Articles. Therefore, the company works only within the limits of its Council of Contents, it cannot do any work beyond these.
Transfer to the next ( Transfer Of Shares) –
Generally any shareholder can transfer his shares voluntarily at any time, he does not need to take the permission of the company to do so.
Winding-up of a Company –
Just as a company is born by amalgamation described in the Act, similarly it can also be ended by the winding up methods described in the Act.
Shareholders are not Agents
The shareholders of the company cannot act as agents of the company.
Number of Members
The minimum number of members in a public company cannot exceed seven and the maximum number of shares issued. Whereas in a private company the minimum number of members is two and the maximum number of members is 200.
Company not a citizen – As per Section 19 of the Indian legislation, the company is not a citizen. It does not have the same fundamental rights as a citizen. Therefore, the company cannot file a suit for its fundamental rights.
bcom 2nd year company meaning in hindi
Private company
Meaning of Private Company
As per section 2 (68) of the Indian Companies Act 2013, a private company means a company which is owned by its interiors
(i) Restricts the right to transfer its shares.
(ii) Limits the number of its members to 200.
(iii) Prohibits the invitation of the public to purchase shares or debentures of the company. It is compulsory for a private company to have at least two members and to write the word Private Limited at the end of its name. Privileges and Exemptions of Private Co.) – In the Companies Act 2013, a private company has certain exceptions to a public company in special conditions which are called privileges of a private company. We can divide these privileges into two parts