Wikipedia
In company law, perpetual succession is the continuation of a corporation's or other organization's existence despite the death, bankruptcy, insanity, change in membership or an exit from the business of any owner or member, or any transfer of stock,etc.
Perpetual succession, along with the common seal, is one of the factors explaining a corporation's legal existence as separate from those of its owners. This principle states that:
- any change in membership of a company does not anyway affect the status of the company,
- death,insolvency,insanity etc. of any member of a company does not affect the continuity of the company.thus the life of the company does not depend upon the life of its members.
- it shall continue forever irrespective of continuity of its members or directors.except in case of winding up or liquidation of a company.
Category:Business terms
Usage examples of "perpetual succession".
A perpetual succession of patriarchs arose from the ashes of Theodosius.
Add to this the vicious constitution of our county courts (to whom the justice, the executive administration, the taxation, police, the military appointments of the county, and nearly all our daily concerns are confided), self-appointed, self- continued, holding their authorities for life, and with an impossibility of breaking in on the perpetual succession of any faction once possessed of the bench.
But in the Christian church, which instrusts the service of the altar to a perpetual succession of consecrated ministers, the monarch, whose spiritual rank is less honorable than that of the meanest deacon, was seated below the rails of the sanctuary, and confounded with the rest of the faithful multitude.
Among a race of independent, and generous, and well educated men, in a country where the imagination is empress of men's minds, there needs be no fear that we should want a perpetual succession of the high-born and lordly.
We should be content and patiently and cheerfully allow of it that we are willing to let our crucifixion go on with a perpetual succession of pains without any prospect of any relief, but at and by the hour of our death.