Match List-I with List-II:List-I (Feature)List-II (Description)(A) Separate Legal Entity(I) A company being a legal person can enter into contracts and can enforce the contractual rights against others.(B) Perpetual Succession(II) It can hold and deal with any type of property, it can enter into contracts and even open a bank account in its own name.(C) Common Seal(III) The company being an artificial person created by law continues to exist irrespective of the changes in its membership.(D) May Sue or be Sued(IV) The company being an artificial person, cannot sign its name by itself.Choose the correct answer from the options given below:
- A(A) - (II), (B) - (III), (C) - (IV), (D) - (I)
- B(A) - (II), (B) - (III), (C) - (I), (D) - (IV)
- C(A) - (II), (B) - (I), (C) - (IV), (D) - (III)
- D(A) - (III), (B) - (IV), (C) - (I), (D) - (II)
Solution & Step-by-step Explanation
Let us match the features of a joint-stock company with their correct descriptions:(A) Separate Legal Entity: A company has a legal personality distinct from its members. It can hold and deal with property, contract with parties, and open a bank account in its own name. (II)(B) Perpetual Succession: An artificial entity created by law continues its legal existence uninterrupted regardless of changes, death, or insolvency of its members. (III)(C) Common Seal: Being an artificial person, a company cannot physically sign its name, so the common seal acts as its official signature. (IV)(D) May Sue or be Sued: Being a separate legal persona, the company can sue others or be sued by others in its own name to enforce legal rights. (I)Therefore, the correct matching sequence is (A) - (II), (B) - (III), (C) - (IV), (D) - (I).