What Does the term “perpetual succession” mean in relation to a company?

"Perpetual Succession" in a company is best defined by this line -

Members may come and go but the company goes on forever.
It is one of the fundamentals of a company's existence. Perpetual succession means that a company's life is not determined by the longevity of its members, shareholders, promoters, directors, employees or anyone else. If a shareholder dies, or hypothetically, all the shareholders die, only their shares in the company will be transferred to new people. If even a key director resigns, she will be replaced but the company will continue on.