Courts in common law jurisdictions are frequently asked to pierce the corporate veil, essentially requesting them to disregard either the separate legal personality
of corporations or the limited liability of shareholders for a variety of purposes, including the reallocation of liability or benefits as between shareholders and corporations.
Separate legal personality
and limited liability are arguably the two most fundamental characteristics of the business corporation.
Consequently, the target becomes a subsidiary retaining its separate legal personality
. Although not explicitly stated in this Article, this procedure presumably only applies to take-overs through an exchange of shares.
Unlike a BVI BC, a BVI LP does not have separate legal personality
and is a partnership formed by two or more persons with one or more general partners and one or more limited partners.
Piercing the corporate veil refers to those exceptional cases wherein limited liability is lifted and the separate legal personality
of corporations is disregarded such that the shareholder, which may be a parent corporation, is held responsible for a company's debts or actions.
Fifty years on, the European Atomic Energy Community (EAEC) retains its separate legal personality
. And even if it shares the same institutions and will now have its expenditure and revenues listed in the EU budget (aside from the Supply Agency and Joint Undertakings), Euratom will not merge' with the Union.
Until it was privatized on June 16, 2000, the latter was an organization owned and controlled by the state of Lithuania but which enjoyed a separate legal personality
. Article 9 of the JVA set forth an arbitration clause and Art 35 of the JVA declared that both defendants waived their rights to sovereign immunity.
The branch does not have a separate legal personality
from the foreign company.
It is the first public body to be vested with full banking status, a separate legal personality
and full administrative and financial independence.