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What is the significance of Salomon v A Salomon & Co Ltd [1897] AC 22? What is the 'corporate veil' and when is it permitted

What is the significance of Salomon v A Salomon & Co Ltd [1897] AC 22? What is the 'corporate veil' and when is it permitted to be lifted under the Corporations Act?

Note: this is a question based on the case of salomon v a salomon co. This question need to be answered with Australian laws.

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