According to sec. 3(1) (i) of the company act, 1956: A company is defined as, ‘a company formed and registered under this act or an existing company.’ An existing company means ‘a company formed and registered under any of the previous company laws.’
The definition given by the companies’ act does not define the company clearly as to its features. Chief Justice Marshall of U.S.A. has defined the term company, as ‘a company is a person, artificial, invisible, intangible and existing only in the contemplation of the law. Being a mere creature of law, it posses only those properties which the charter of its creation confers upon it either expressly or as incidental to its very existence.’
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