Q.Explain the meaning of 'perpetual succession' as a feature of a Joint Stock Company, with a suitable example.

Perpetual succession means the company's life is independent of any particular member's life.

Perpetual succession is the principle that a company's legal existence is not affected by any change in its membership — the death, insolvency, retirement, or transfer of shares by any individual member (or even director) does not, by itself, bring the company's existence to an end. The company continues in law until it is formally wound up through the procedure the Companies Act, 2013 prescribes.

The idea is often summarised in the phrase: 'Members may come and members may go, but the company goes on forever.' …