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MRL2601 Updated Exam Pack (2024) Oct/Nov - Entrepreneurial Law [A+ Guaranteed]
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MRL2601Entrepreneurial Law
2023 Updated Exam Pack
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, Learning unit 1: Legal personality and
lifting of the veil
• When does, a company acquire legal personality?
A company acquires legal personality when it is
• incorporated and
• issued with a certificate of incorporation
a) By registration or incorporation in terms of the Companies Act 71 of 2008
b) Through registration in terms of other pieces of legislation
c) By conduct (common law method) and issued with a certificate of
incorporation.
Requirements to acquire legal personality by conduct.
1. The property of the shareholders or members must be kept separate from that
of the legal person.
2. Legal person must have capacity to incur obligations and to have rights.
3. A legal person must be capable of having locus standi to sue in its own name
and to be sued in that name.
• With reference to case law explain the meaning and effects of separate
legal personality
Salomon v Salomon & Co LTD: principle of separate legal personality has different
consequences
Estate:
Estate of a company is separate from that of its shareholders/member’s estate
Debt:
Company debts are separate and are company’s debts, therefore shareholders or
members enjoy limited liability.
Profits:
Only after the company has declared a dividend may the shareholders claim the
dividend, until then the profits are that of the company.
Assets:
Exclusive property. Shareholders = no proportionate, proprietary rights
Conduct:
Appointed representatives (accordance with MOI) – can act on behalf of the
company; being a shareholder does not by default give one the power to bind the
company.
Directors:
Exercise managerial & executive powers
The registration of a company confers legal personality on the new entity and it can
acquire its own rights and duties separate from that of its shareholders or members.
In Salomon v Salomon and Co Ltd, the court held that estate of the company is
assessed apart from the estates of individual shareholders or members.
1. The debts of the company are separate from its shareholders or members.
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