Six persons are the only members of Tab (Pvt.) Ltd. All of them went to USA on a pleasure trip by aeroplane. On the way, the plane crashed and all the six members died. Does Tab (Pvt.) Ltd. still exist? Decide.

An incorporated company never dies, except when it is wound up as per law. A company, being a separate legal person is unaffected by death or departure of any member and it remains the same entity despite total change in the membership. Perpetual succession means that the membership of a company may keep changing from time to time but that shall not affect the company's continuity. Perpetual succession denotes the ability of a company to maintain its existence by the succession of new individuals who step into the shoes of those who cease to members of the company. Hence, Tab (Pvt.) Ltd. shall continue.