Perpetual Succession Law and Legal Definition
Perpetual succession refers to continuous succession of a corporation. Perpetual succession is one of the remarkable features of a corporation. The very objective of a corporation is to have a perpetual succession, for there can not be a succession forever without incorporation. A corporation is a franchise possessed by one or more individuals, who subsist as a body politic under a special denomination with the capacity of perpetual succession. [State ex rel. Walker v. Payne, 129 Mo. 468 (Mo. 1895)].
A corporation is considered as immortal as well as an invisible and intangible being. Perpetual succession, along with a common seal, is one of the features defining a corporation's legal existence as separate from those of its owners. Perpetual succession is a power normally granted to a private corporation. [Solem v. Port Authority Transp. Co., 1987 U.S. Dist. LEXIS 10585 (E.D. Pa. Nov. 13, 1987)].