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In general, a company is an artificial person, created by law that has a separate legal entity, perpetual succession, and common seal and has limited liability. It is a voluntary association of person who together contributes in the capital of the company to do business.
Company Assignment means an Assignment and Assumption Agreement in the form of Exhibit C, to be executed and delivered by the Company and the Assignee pursuant to Section 2.3 hereof. Company Assignment has the meaning set forth in Section 6(b)(i).
Directors represent the shareholders to conduct the business of the company on their behalf. They enjoy vast power of management over the company and perform many functions which are in the nature of the proprietary, for example allotment of shares, raising of loans, investment of funds of the company.
The assignor must agree to assign their rights and duties under the contract to the assignee. The assignee must agree to accept, or "assume," those contractual rights and duties. The other party to the initial contract must consent to the transfer of rights and obligations to the assignee.
Assignment is a legal term used in the context of the laws of contract and of property. In both instances, assignment is the process whereby a person, the assignor, transfers rights or benefits to another, the assignee.