Lord Justice Lindley.Section 3 of Companies Act, 1956

a company is meant an association of persons who contribute money or money , and those who share the profit and loss (as the case may be)arising therefrom common stock so contributed is denoted in money and is the capital of the company. The persons who contribute it or to whom it belongs, are called members. The proportion of capital to which each member is entitled is his share. They are always transferable although the right to transfer them is often more or less restricted."-Lord Justice Findley.Section 3 of Companies Act, 1956, defines a company as, "a company formed and registered under this Act... .or under any previous company laws". This definition, however, fails to bring out the true nature of a company. It would be worthwhile, therefore, to rely on the views expressed by eminent judges in this regard "A company is an association of many persons united for a common object."