Section 34(2) of Companies Act states that from date of incorporation of a company, subscribers and other persons who may be members from time to time, shall be a body corporate having perpetual succession and common seal.
"Perpetual" means 'lasting for ever or indefinitely', 'uninterrupted', and "succession" means 'following in order', 'a series of things or people in succession'. Thus, 'Perpetual succession means continuous existence'. The words used in section 34(2) are 'members from time to time'. Thus, individual members forming 'company' may come and go, even directors and managing directors may come and go, but the 'company' continues. The position is similar to river where water changes from time to time, but river is same, or a nation where individual citizen change, but the nation is the same and continues with the same identity. Thus, change or death of some or even all members do not affect continuity of "Company".
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