chapter  III
SHAREHOLDERS' RIGHTS AND DUTIES
Pages 146

From the fact that a corporation exists asa legal entity independent of the shareholders it follows that the legal position of the shareholders is to be clearly distinguished from that of the corporation. The shareholders are not the corporation; they have definite rights in its property and management, definite obligations towards it and to some extent definite liabilities with regard to it. But their rights and duties are not identical with those of the corporation itself.