Promoter 1. PROMOTERS As an artificial legal person a company cannot incorporate itself. It requires a person or persons to set it up and put it into operation. "Promoter" is a term used to describe such person who forms the company. He is the person who registers the company and makes business preparations for the pre-incorporated company, Definition Who is a promoter? A promoter is defined in Twycross v Grant (1877) as 'one who undertakes to form a company with reference to a given project and to set it going and who takes the necessary steps to accomplish that purpose'. Thus, the promoter would be the person- i. who undertakes the formation of a company by carrying out the procedures necessary for incorporation; ii. may be the person actually interested in the company or professionals who incorporate a company as part of their business; li. But does not include any person by reason only of his acting in a professional capacity. Such a person is termed as 'an active promoter"BAC304/03i Answer ALL questions. 1. Elaborate the lifting veil of incorporation. (25 marks) 2. Discuss on the duties and termination of a receiver. (25 marks) 3. Discuss the capital management of the public company. (25 marks) 4. Wah Tan was appointed as a promoter, he signed numerous contracts for which he received commission. Based on Companies Act 2016, discuss the breach of a promoter and possible remedies. (25 marks)