Company Law
Provisions may also be entrenched in the constitutions of legal bodies. An example is in the memoranda and articles of a company limited by guarantee, in which the principles of common ownership may be entrenched. This practice can make it almost impossible for the company's members to dissolve the company and distribute its assets among them. This idea has more recently been extended in the UK through the invention of the community interest company (CIC) which incorporates an asset lock.
Read more about this topic: Entrenched Clause
Famous quotes containing the words company and/or law:
“There is no such thing as “the Queen’s English.” The property has gone into the hands of a joint stock company and we own the bulk of the shares!”
—Mark Twain [Samuel Langhorne Clemens] (1835–1910)
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