• Upon incorporation, a company becomes a body corporate, separate and distinct from its members.
• The company has the powers of a natural person and full capacity.
• Those who pooled their resources to form the company become members of the company if they subscribe to the company’s regulations.
• A member has the right to attend a general meeting of the company and to speak and vote on a resolution.
• None of the members can claim ownership of the company individually as the company itself is a separate legal entity.
• If differences are so acute, the members may apply for dissolution if they cannot resolve their disputes.

(7 marks)