Certainly, the concept of a company as a juristic person, also known as a legal person or legal entity, is a fundamental principle in corporate law. It means that a company is treated as a distinct entity separate from its individual members (shareholders or owners). This principle has several key implications: 1. Separate Legal Existence: A company, once incorporated, is recognized as having its own separate legal existence. It can enter into contracts, own property, sue and be sued, and engage in various legal activities in its own name. This is distinct from the individuals who own or manage the company. 2. Limited Liability: One of the primary advantages of forming a company, especially a corporation, is the concept of limited liability. Shareholders are generally not personally liable for the company's debts and legal obligations. The company itself is responsible for its own debts, which helps protect the personal assets of its members. 3. Rights and Duties: Just like...
30 Testamentary succession. — 6 [***] Any Hindu may dispose of by will or other testamentary disposition any property, which is capable of being so 7 [disposed of by him or by her], in accordance with the provisions of the Indian Succession Act, 1925 (39 of 1925), or any other law for the time being in force and applicable to Hindus.
Explanation.— The interest of a male Hindu in a Mitakshara coparcenary property or the interest of a member of a tarwad, tavazhi, illom, kutumba or kavaru in the property of the tarwad, tavazhi, illom, kutumba or kavaru shall notwithstanding anything contained in this Act or in any other law for the time being in force, be deemed to be property capable of being disposed of by him or by her within the meaning of this 8 [section.] 9 [***]
Testamentary disposition of property was never appreciated or allowed by any personal law because every personal law tent to safe guard it's property the only exception in muslim law. where there is separate testamentary law from very beginning that is law of vasiyat.
As per concern in the Hindu law, the concept of property was very closely connected with concept of hindu joint family and coparcenary and very interactively intertwine with the right of survivership. There is no question alienating coparcenary property let's alone by a will.
Letter on the concept of self acquired property came only self acquiesced property can be alienate by testamentary succession and that would be govern by Indian Succession Act.
Since Hindu Succession Act makes a coparcenar and absolute owner of his own share of survivership is expressly abolished by the 2005 amendment act. every hindu hence right to dispose of property a hindu can be divided into self acquired property and his share in the coparcenary property.
The Explanation of Section 30 said a Hindu is allowed to even dispose of by testamentary succession his share in the coparcenary property.
Section 30 HSA have revolutionary of alienation in the property by allowing a hindu both male and female. Feamle after 2005 amendment will away their property by testamentary dispose off their property. whether self acquired or ancestral property.
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