Perpetual Succession
An incorporated company
never dies, except when it is wound up as per law. A company, being a separate
legal person is unaffected by death or departure of any member and it remains
the same entity, despite total change in the membership. A company’s life is
determined by the terms of its Memorandum of Association. It may be perpetual,
or it may continue for a specified time to carry on a task or object as laid
down in the Memorandum of Association. Perpetual succession, therefore, means
that the membership of a company may keep changing from time to time, but that
shall not affect its continuity.
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