LEGAL SENSE (Hint 43)
by ANSLAM C. AGIM, ESQ
“An Incorporated Company Is A Legal Personality Distinct From Its Members”
An incorporated company is an artificial person which has all the powers of a natural person. A company is distinct from its members (that is, the company’s subscribers, shareholders and directors).
The property of the company is not property of its members, though the members may be the beneficial owners of the company’s properties.
Legal Authority: Sections 37 and 38(1) of Companies and Allied Matters Act, CAP C.20 Laws of the Federation of Nigeria, 2004.
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