A Critical Analysis of the Law On Corporate Personality and Its Legal Implications in Uganda; A Case for Unsecured Creditors, Employees and Tort Victims.

TABLE OF CONTENTS

DECLARATIOIN .................................................................................................................................... i

APPROVAL ........................................................................................................................................... ii

DEDICATION ....................................................................................................................................... iii

LIST OF LEGISLATION ........................................................................................................................ v

LIST OF CASES .................................................................................................................................... vi

LIST OF ABBREVIATIONS ................................................................................................................ vii

ABSTRACT ........................................................................................................................................... xi

CHAPTER ONE. ................................................................................................................................... 1

1.0 GENERAL BACKGROUND .......................................................................................................... 1

1.2 Statement of the problem ................................................................................................................... 4

1.3 Purpose of the study .......................................................................................................................... 5

1.3.1 General objectives .......................................................................................................................... 5

1.3.2 Specific objectives .......................................................................................................................... 5

1.4 Significance of the study .................................................................................................................... 6

1.5 Scope of the study ............................................................................................................................ 6

1.5.1 Subject matter/Thematic Scope ...................................................................................................... 6

1.5.2 Temporal (time based) scope .......................................................................................................... 6

1.5.3 Geographical scope ......................................................................................................................... 7

1.6 Hypothesis ......................................................................................................................................... 7

1. 7 Chapter Synopsis ............................................................................................................................... 7

1.8 Literature review ............................................................................................................................... 8

1.8.1 Statutes ........................................................................................................................................... 8

1.8.2 Textbooks ..................................................................................................................................... 10

1.8.3 Scholarly Writings and Research papers ........................................................................................ 12

1.8.4 Judicial Decisions ......................................................................................................................... 13

9.0 Research Methodology .................................................................................................................... 14

viii

CHAPTER TWO ................................................................................................................................. 15

2.0 ARGUMENTS, THEORIES FOR THE CORPORATE PERSONALITY ................................. 15

2.1 Introduction ..................................................................................................................................... 15

2.2 Non Legal Norms and Corporate Governance .................................................................................. 15

2.2 Theories of Corporate Personality .................................................................................................... 18

2.2.1 The Fiction Theory ....................................................................................................................... 18

2.2.2 The Realistic Theory ..................................................................................................................... 19

2.2.3 The Concession Theory ................................................................................................................ 20

2.2.4. The Bracket Theory ..................................................................................................................... 21

2.2.5 The Organism Theory ................................................................................................................... 21

2.2.6 The Ownership Theory ................................................................................................................. 22

2.2. 7 The Purpose Theory ...................................................................................................................... 23

2.2.8 The Kelsen's Theory ..................................................................................................................... 23

2.3 Lifting the Corporate Veil ................................................................................................................ 24

CHAPTER THREE. ............................................................................................................................ 28

3.0 INTERNATIONAL, REGIONAL AND DOMESTIC PERSPECTIVES .................................... 28

3.1 Introduction ..................................................................................................................................... 28

3.2 Legal Personality and its Inapplicability ........................................................................................... 28

3.3 Legal Reform and Corporate Governance in Japan ........................................................................... 32

3.4 Protection of Companies, Creditors and Cross border Transactions .................................................. 34

3.5 Conclusions ..................................................................................................................................... 37

CHAPTERFOUR ............................................................................................................................... 39

4.0 PRESENTATION, INTERPRETATION AND ANALYSIS OF DATA ..................................... 39

4.1 Introduction ................................................................................................................................... 39

4.2 The role of courts of law in interpretation of corporate personality ............................................ 39

ix

CHAPTER FIVE ................................................................................................................................. 47

5.0 CONCLUSIONS AND RECOMMENDATIONS OF THE STUDY .......................................... .47

5.1 Introduction ..................................................................................................................................... 47

5.2 Conclusions of the Study ................................................................................................................. 47

5.3 Recommendations of the Study ........................................................................................................ 49

BIBLIOGRAPHY .............................................................................................................................. 52