what is pre incorporation contract?
what is effects?
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Effect of registration
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Pre incorporation contracts are those contracts which are entered by the promoter on behalf of the company before incorporating/ registering a company.
Effects of these contracts are subject to ratification of these contracts by shareholders in General meeting, which is held subsequent to incorporation.
If not ratified by company in GM, promoters are personally responsible for that liability.
Effects of these contracts are subject to ratification of these contracts by shareholders in General meeting, which is held subsequent to incorporation.
If not ratified by company in GM, promoters are personally responsible for that liability.
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