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Legal Dictionary of Pakistan

Quick lookup for English, Urdu, and Latin legal terms used in Pakistani jurisprudence.

Continuity

Int'l law. The principle that upheavals and revolutions within a country - as well as changes in governmental forms, the extent of a country's territory, and measures taken during a military occupation - do not affect the existence of the country and therefore cannot lead to its extinction.

continuity of business enterprise.

A doctrine covering acquisitive reorganizations whereby the acquiring corporation must continue the target corporation's historical business or must use a significant portion of the target's business assets in a new business to qualify the exchange as a tax-deferred transaction. continuity-of-enterprise doctrine. See SUBSTANTIAL-CONTINUITY DOCTRINE.V

continuity of existence

See CONTINUITY-OFLIFE DOCTRINE.

continuity of interest

1. A doctrine covering acquisitive reorganizations whereby a target corporation's shareholders must retain a share in the acquiring corporation to qualify the exchange as a tax-deferred transaction. 2. A judicial requirement for divisive reorganizations whereby a target corporation's shareholders must retain an interest in both the distributing and the controlled corporations to qualify the exchange as a tax-deferred transaction.

continuity-of-entity doctrine

See MERE-CON. TINUATION DOCTRINE.

continuity-of-life doctrine

The principle that the withdrawal, incapacity, bankruptcy, or death of the owner of an entity (esp. a corporation) does not end the entity's existence. -Also termed continuity of existence.

substantial-continuity doctrine

A principle for holding a successor corporation liable for the acts of its predecessor crorporation, if the successor maintains the same business as the predecessor, with the same employees, doing the same jobs, for the same supervisors, under the same working conditions, and using the same production processes to produce the same products for the same customers. - Also termed continuity-of-enterprise doctrine. Cf. MERE-CONTINUATION DOCTRINE.