PRACTICE QUESTIONS ON COMPANY LAW Enumerate the five (5) principal theories which are used to explain corporate personality Corporate personality is the fact stated by the law that a company is recognized as a legal entity distinct from its members. A company with such personality is an independent legal existence separate from its shareholders, directors, officers and creators. This is famously known as the veil of incorporation. The 'veil of incorporation' can be described as being the separation between a company and its members. Due to the separate legal status of a company from its members this is usually very strictly maintained. (i) The Fiction Theory, (ii) The Realist Theory, (iii) The Purpose Theory, (iv) The Bracket Theory, (v) The Concession Theory. Enumerate the methods of attaining membership of a company and discuss any four of them (a) By Allotment (b) By Subscribing to the Memorandum (c) By agreeing t...
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