Effect of registration
📚 Law Minded summary
The moment named on the certificate of incorporation, the company becomes a legal person in its own right.
From that date it can own property, sign contracts, sue and be sued in its own name, and it keeps going regardless of members joining, leaving or dying. That last quality is called perpetual succession.
From the date of incorporation mentioned in the certificate of incorporation, such subscribers to the memorandum and all other persons, as may, from time to time, become members of the company, shall be a body corporate by the name contained in the memorandum, capable of exercising all the functions of an incorporated company under this Act and having perpetual succession 1*** with power to acquire, hold and dispose of property, bo th movable and immovable, tangible and intangible, to contract and to sue and be sued, by the said name.
All sections in Chapter II — Incorporation of Company and Matters Incidental Thereto