Promoters Making Contracts Prior to Company’s Formation and Their Liabilities
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Question
Promoters sometimes make contracts prior to the formation of a company. Explain the nature of a promoter’s liability under section 131 of the Corporations Act.
Summary
The question belongs to Law and it discusses about the liabilities of promoters of a company. It has been said in the question that promoters sometimes make contracts prior to the formation of the company. This statement has been discussed in detail in the solution.
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