Under Section 5 of T.P. Act "Living Person" does include company also:
Verified Answer
A. True
B. False
C. Company is not living person
D. Company cannot transfer its assets
Explanation:
Section 5 of the Transfer of Property Act, 1882, defines 'transfer of property' between 'living persons'. The General Clauses Act, 1897, defines 'person' to include any company or association or body of individuals, whether incorporated or not. Thus, a company is considered a 'living person' for the purpose of transfer of property.