26 February 2015
(i) In an annual general meeting of Amar (Pvt.) Ltd., all the shareholders were killed in a bomb blast. State, whether the company is still in existence. If so, how ?
26 February 2015
Insolvency or Death of member does not affect the existence of the company.
A company does not cease to exist unless it is specifically wound up or the task for which it was formed has been completed. Membership of a company may keep on changing from time to time but that does not affect life of the company.
The company is distinct and different from its members
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