Corporate personality can be pierced for fraudulent misuse, exposing directors and members to personal liability. A company is a statutory entity with distinct legal identity, limited liability, perpetual succession, separate property, transferable shares and separate management, bound by its Memorandum of Association. The corporate veil may be pierced for fraudulent or dishonest misuse, exposing individuals to personal liability for matters such as improper membership reduction, name misdescription, nondisclosure of subsidiary accounts, fraudulent conduct, failure to refund application money, misrepresentation in prospectuses, nonpayment of taxes and ultra vires acts.