BANKING AFFAIRS

Detailed explanation-1: -A company is a voluntary association of persons, recognised by law, having a distinctive name, a common seal, formed to carry on business for profit, with capital divisible into transferable shares, limited liability, a corporate body and perpetual succession.

Detailed explanation-2: -In other respects, the common seal is just the business’s legal signatory, and every corporation must only have a single common seal stamp at the start of business. The company must use it in accordance with the Articles of Incorporation and the Corporations Act of 2013, respectively.

Detailed explanation-3: -Common seal means the metallic seal of a company which can be affixed only with the approval of the Board of directors of the company. It is the signature of the company to any document on which it is affixed and binds the company for all obligations undertaken in the document.

Detailed explanation-4: -It is a fundamental principle in law that once a company is incorporated or registered, it obtains a legal existence separate or different from its owners, directors, and officers. The company becomes a legal person that has rights and obligations.

Detailed explanation-5: -: a seal adopted and used by a corporation or similar body.