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Books > Law > Laws of other jurisdictions & general law > Financial, taxation, commercial, industrial law > Company law
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Company Law - A Real Entity Theory (Hardcover)
Loot Price: R3,097
Discovery Miles 30 970
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Company Law - A Real Entity Theory (Hardcover)
Expected to ship within 10 - 15 working days
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This book advances a real entity theory of company law, in which
the company is a legal entity which acts autonomously in law, and
company law establishes procedures facilitating autonomous
organisational decision-making. The theory builds on the insight
that organisations or firms are a social phenomenon outside of the
law and that these are autonomous actors in their own right. They
are more than the sum of the contributions of their participants
and they act independently of the views and interests of their
participants. This occurs because human beings change their
behaviour when they act as members of a group or an organisation;
in a group we tend to develop and conform to a shared standard, and
when we act in organisations habits, routines, processes, and
procedures form and a culture emerges. These take on a life of
their own affecting the behaviour of the participants. Participants
can affect organisational behaviour but this takes time and effort.
Company law finds this phenomenon and supplies it with a structure
supporting autonomous action by organisations. The real entity
theory advanced in this book explains company law as it stands at a
positive level. Legal personality overcomes the problems that
organisations are social rather than brute facts and that there is
no unique physical manifestation permanently associated with an
organisation. The corporate constitution is not a contract - it is
best characterised as an instrument adopted on a statutory basis
through private action. Shareholders cannot limit the capacity of
companies or the authority of the board to bind the company in
contract and companies are liable in tort and crime. The statute
creates roles for shareholders, directors, a company secretary, and
auditors and so facilitates a process leading to organisational
action. The law also integrates the interests of creditors and
stakeholders.
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