4 articles
In 1819, U.S. Chief Justice John Marshall delivered a definition that would shape the modern global economy: “A corporation is an artificial being, invisible, intangible, and existing only in contemplation of law.” While that might sound like a description of a ghost or a legal myth, it is actually the bedrock of capitalism.
A private company enjoys several privileges under the Companies Act, such as fewer compliance requirements, limited disclosure obligations, and restrictions on public participation. However, these benefits are granted with the expectation that the company will strictly adhere to the conditions prescribed for private companies.
Delve into the legal framework of Section 2(68) of the Companies Act, 2013. This comprehensive guide examines the statutory restrictions on share transfers, membership limits, and the strategic advantages of the closely-held structure. Master the legal distinctions between private and public entities to understand how 'Private Limited' firms maintain operational autonomy.
The notion of supra vires, derived from the Latin for “beyond the powers,” is a key principle in company law that limits a corporation’s actions to those specifically authorized by its Memorandum of Association (MOA). This survey note delves deeply into its definition, purpose, legal ramifications, historical development, and modern adaptations, citing a variety of sources to ensure a thorough understanding.