2: Legal personality Flashcards

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1
Q

Salomon v. Salomon (1897)

Effects of incorporation, separate legal personality

A
  • Salomon, who manufactured boots, had formed its business into a company.
  • he held 20,000 shares and six family members held one each.
  • advanced a loan secured on the assets of the company, then encountered financial difficulties.
  • Held that he took preference over ordinary creditors. The law treated him as a separate person from the company, even though he dominated it.
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2
Q

Bolton v. Stone (1951)

Unicorporated associations, Rights of members

A

the claimant, Miss Stone, brought her action against Bolton, the Secretary, and three other members of a cricket club, which was unincorporated.

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3
Q

What does Ultra Vires mean?

A

‘beyond the powers’

for example a corporations are established for particular purposes. It must not engage in activities which are outside of this purpose.

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4
Q

What are natural persons?

A

All human beings.

Begins at birth, ends at death.

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5
Q

What are juristic persons?

A

Non-human legal entities.

Sometimes known as artificial legal persons.

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6
Q

What are corporations sole?

A

Legal persons representing an official position which will be occupied by a series of different people.
E.g. The Queen.

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