MRL 2601 May June 2018 Question 1.1
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Questions and Answers

In the context of company law, what does 'piercing the corporate veil' refer to?

  • Ignoring the practical realities of a situation
  • Considering the company as a separate entity from its shareholders
  • Codifying the principle of separate legal personality
  • Treating the shareholders as if they were the owners of the assets (correct)

    • Before the Companies Act of 2008, how was the principle of disregarding a company’s separate existence regulated?

  • By codifying the principle into law
  • By lifting or piercing the corporate veil (correct)
  • By limiting the rights and obligations of shareholders
  • By recognizing the practical realities of a situation

    • What term was used to place limitations on the principle of separate legal personality before the Companies Act of 2008?

  • Recognizing practical realities
  • Lifting or piercing the corporate veil (correct)
  • Codifying the principle into law
  • Regulating the rights of shareholders

    • When would it be necessary to look behind the company and pay regard to the personality of the shareholders?

    <p>When attributes cannot be associated with a purely legal persona</p> Signup and view all the answers

    What did Innes CJ emphasize regarding the existence of a company as a separate entity?

    <p>It is a matter of substance</p> Signup and view all the answers

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