What is perpetual succession?

Perpetual succession means uninterrupted continuous existence of a company. A company is a creation of the law and only the law can bring an end to its existence through the process of winding up. The life of a company does not depend on the life of its members. The death, insolvency or lunacy of members does not affect the life of a company. It continues to exist even if all its members die. Members may come and go but the company goes on until it is wound up.