“Effect of registration.
From the date of incorporation mentioned in the certificate of incorporation, the subscribers of the memorandum together with such other persons as may from time to time become members of the company, shall be a body corporate by the name contained in the memorandum, capable forthwith of exercising all the functions of an incorporated company …”
Companies (Consolidation) Act 1908 s.16(2)

Critically evaluate the opinion that the framers of the companies legislation did not fully understand or provide for the full range of businesses which could usefully take advantage of incorporation, and that the law requires amendment.